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South African Digital Economy One of the Fastest Growing in the World

According to the new Digital Evolution Index developed by MasterCard and The Fletcher School at Tufts University, South Africa’s digital economy is the most developed in Africa and one of the fastest growing in the world.

The Index tracks a country’s movement toward digital evolution, gauges progress and assesses challenges in 50 countries comprising the Index.

South Africa ranks 33 out of 50 countries measured in the index in digital readiness, which is defined by the markets’ ability to support and encourage digital commerce and payments. In Africa, it ranks ahead of Egypt (48), Kenya (49), and Nigeria (50). South Africa also emerged as the fourth fastest growing digital economy behind China, Malaysia and Thailand.

“South Africa’s speed of growth can be attributed to the rapidly increasing proportion of the population with Internet access, an 86 percent adult mobile phone penetration rate, and a highly developed telecommunications network. However, what is significant is that all four of the African countries measured share a common trait of moving at a high rate of speed toward digital evolution, demonstrating huge growth potential for e-commerce,” says Ted Iacobuzio, Vice President, Global Insights, MasterCard.

For more information, see the full press release.