South Africa has long been perceived as the most developed country in Africa. The reforms which the country carried out during Nelson Mandela’s presidency had a tremendous economic and political impact, and as you all probably remember in 2010, South Africa became the first African state to host the World Cup, which was a huge success.
However, after Nelson Mandela, the country moved into deep corruption, poverty, and high unemployment. The rate of violent crime increased significantly and what once considered to be the paragon state of Africa, slowly diminished and became a thing of the past.
Regardless, the country is still trying to focus on different tech sectors including finance and gaming. This article will examine the situation in both of them.
Gaming in South Africa
The video game industry is slowly developing in South Africa. Fresh game developers and companies are emerging, and many of them have decent revenues. In 2018, for instance, according to statistics, 2.3 billion consumers of the gaming industry, which spent approximately $138 billion on games, demonstrated that more than 11 million were from South Africa.
This chapter will, for the most part, focus on online gaming, in particular, online gambling. South African citizens are fond of online casino games, and in spite of the strict gambling laws, they are still capable of finding decent ones.
They can either try foreign or local casino establishments. Interestingly, they are not required to pay taxes on the winnings since it is not considered as a regular means of income.
When visiting the various online casino websites, most people usually choose SA online baccarat games, poker, blackjack, roulette, craps. Slots are also trendy because they are simple to play and require no specific skills or strategy.
While playing, there are a number of bonus systems that reward players with different prizes, featuring jackpots. So when it comes to online gambling players in South Africa can easily access online casinos from their homes or use the mobile device even, which is supported by numerous websites.
Financial Ecosystem in South Africa
The country’s financial landscape is rapidly evolving as the digital transformation of the financial services is catalyzing banking services. Major banks are slowly adopting digital and innovative strategies, which increases their profits and captures new markets.
Since the country’s fintech adoption rate is gradually rising, it is expected to increase significantly in the following years. There are a lot of technology hubs in South Africa, the most on the whole continent, which attracts a lot of international investors to invest their money in this sector.
The focus and development are mainly focused on the most prominent technologies such as Blockchain, Banking & AI, Digital Wallets. It comes to no surprise that Blockchain is gaining foothold everywhere, as cryptocurrency becomes crucial day after day. We also need to mention briefly that South Africa has one of the highest numbers in crypto criminals.
However, it is not hampering innovative companies to utilize their services further as Blockchain is considered vital for them to resolve critical issues, including lack of access to electricity and global financial markets.