Commissioned by BankservAfrica and conducted by PwC, it outlines the journey to date with the community of experts from the country’s leading financial services institutions, fintechs and the rest of the payments industry.
Countries around the globe are fast-tracking their digital identity programmes for the digitalised future. South Africa is not far behind – the collective knowledge and insights by the digital community over the past months have generated the momentum needed to accelerate the design of a secure, trusted and interoperable digital identity for the country.
“Studies show that over a billion people globally in low- and middle-income countries do not have any form of legally recognised identification,” says Martin Grunewald, chief business officer at BankservAfrica.
“In South Africa, we can see the hard-hitting impact of limited access to essential services from government benefits to financial services, education and other critical services. By driving one conversation around developing an community wide digital identity that citizens know and trust, we can build a more inclusive, digital economy and create the change needed at a societal level,” he adds.
“The report explores the building blocks and the critical success factors needed to champion and mobilise a digital identity programme that is aligned to the South African Reserve Bank’s Vision 2025 for achieving the goal of financial inclusion and readies the country for the imminent 4IR,” explains Grunewald.
In addition to unpacking the learnings from global digital identity programmes, the report shares the digital identity community’s strategic recommendations to enable a robust digital identity platform. Included are views on achieving sustainable growth, adoption and commercial viability in South Africa.
“Armed with insights and recommendations from the industry, we are ready to embark on our next chapter in South Africa’s digital identity story. The invitation is open to the community to join us in unlocking the full potential of a digital Identity future,” ends Grunewald.
The full report is available here