This archive report was first published on 31 March 2020.
With the outbreak of COVID-19 in Wuhan, China in December, the world has shifted its focus to digital solutions to combat the pandemic. Evans Okech, head of strategy and innovation at Kibo Capital Group, shares insights on how the pandemic has accelerated the growth of the digital economy.
As governments worldwide advise citizens to adopt cashless transactions and minimize physical contact, digital solutions have become increasingly essential. Kibo Capital Group's PaymentGate, a digital receipt solution, has emerged as a timely innovation. The solution generates secure, digital receipts that can be accessed through a link sent to a client's phone after a purchase.
PaymentGate ensures social distancing by eliminating the need for physical exchanges of papers. The receipts are disbursed electronically, allowing users to access them from anywhere, even while working from home. This innovation has become vital for businesses like supermarkets and others that require receipts to track purchases.
According to Okech, the solution is not only beneficial for businesses but also for individuals. It provides an automated reconciliation feature, allowing users to track their transactions and raise issues if needed, all at no extra cost. The solution also saves businesses on stationery costs and promotes eco-friendliness.
Furthermore, PaymentGate offers advertising space on the receipts, allowing businesses to reach millions of users. Kibo Capital Group's other innovation, Tsenda, enables users to buy airtime and electricity tokens electronically.
As the pandemic continues to strain governments and economies worldwide, Okech emphasizes the need for businesses to adopt innovations that discourage physical exchanges and promote social distancing. By embracing digital solutions, businesses can contribute to the global effort to curb the spread of COVID-19.
