Innovation in the world of technology has brought so much to the doorsteps of mankind that years ago, was perceived to be impossible.
Now a lot can be done with a few simple clicks of the mouse on your computer or a few taps on an app installed on your phone.
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Technology and Finance
One area that has also seen a steep growth is the Financial Technology (Fintech) space. Now people can perform banking transactions on their phone, get cash advance through some of the best instant money apps like moneylion, Dave etc.
Technology in the financial sector has also seen financial service providers like Cash App make it easy for users to make payments and receive money through their CashTag or Cash App names right from the comfort of their homes.
It is therefore safe to say that the future of banking isn’t tellers in a brick building pushing paper money, but apps and websites through which traditional banking services can be available to all.
This advance in tech will certainly improve the quality of life as the countless road trips to the bank and the endless waiting time can be used on other productive ventures of recreational or work nature.
For example, instead of waking up early because you have to pass by the bank before reporting for work, you could just sleep more and be better rested and just transact from your phone. In Ghana, we see the rise of Fintech applications like Hubtel, and Zeepay among others making mobile payments easier, which in turn reduces man-hours wasted in bank queues.
The role of governments
Governments create enabling environment for technology and innovation to thrive. To achieve this, there must be a willingness and deliberate effort aimed at supporting innovative ideas from all manner of people. This will help shore up confidence and help young minds think about innovative ways to solve existing problems using technology.
It is the duty of governments to ensure peace and tranquillity, protection for intellectual property, and business-friendly institutions that will facilitate the transition of great Fintech and other technological ideas into real life, useable and sustainable businesses that solve the core problems it aims at while also helping generate needed income for governments and creating jobs for the people.
The benefits of a government that enables innovation and actively supports technology are enormous and governments shouldn’t miss out on the opportunity to develop their nation and cash out as well.
However you look at technology, the positives for everyone far outweigh the demerits. We must therefore embrace and support innovation in the tech industry everywhere around the world.