World Bank says Mideast, North Africa ripe for 'digital transformation'
Despite the regions' potential, the use of the internet for financial transactions is low in the Middle East and North Africa, according to a new World Bank report.
The World Bank released a report Wednesday on the digital economy of the Middle East and North Africa.
The authors of the report argued that the region is suffering from a “digital paradox.” The use of social media is relatively high in the Middle East and North Africa, considering the area’s gross domestic product. However, the use of the internet and digital tools to make payments is low, according to the DC-based financial institution.
The World Bank said the Middle East and North Africa have tremendous opportunity for growth in the digital sector.
“Given its relatively high coverage of digital technology infrastructure (especially mobile) and internet use for its income level, the region should be well on its way to achieving an advanced digital transformation — engaging in market transactions using internet and telecommunications applications that enable market interactions at a distance,” read the report.
