Omobola Johnson: How businesses can leverage tech to tackle digital inequalities

Omobola Johnson, senior partner, TLcom Capital, says countries and businesses can tackle digital inequalities by leveraging technology.

Johnson said this on Wednesday at a session at the ongoing World Bank and International Monetary Fund ( IMF) spring meetings.

Discussing the topic titled ‘Digital Revolution: Fostering Inclusion and Resilient Growth’, she said when digital gap is closed, it would bring development and driving the digital economy.

She said the gap faced by Nigeria and other countries can be closed through daily access to the internet, affordable smartphones and encouraging collaboration with community networks and international networks.

“There are several things that can be done in Nigeria and other countries to ensure meaningful connectivity of which to be fair, Nigeria is doing so already,” she said.

“Firstly, faster connection, encouraging collaborations between community networks and international networks which can expand spectrums, is a way to close the gap. Also having enough spectrum for telecommunications services at a cost that is not exorbitant as it is now can lead to affordable data.”

She also spoke on the need for supporting small and medium businesses as a way of solving the issue of unemployment.

“In Nigeria, 80 per cent of jobs are created by small and micro businesses and contribute to the country’s GDP. To unlock these job opportunities not just for women but also for men in any emerging economy is to think of how to scale up the small and micro-businesses. This is because these businesses are ignored and do not have the capacity for scale-up,” she said.

“So it is important to look at businesses that service these small and micro businesses, that is a Big to small business (B2SB) and these companies are aggregating the demand and using their technology to meet the demands to allow them to grow.”

On his part, Michael Miebach, chief executive officer, Mastercard, said the major threat to tackling the digital divide is to address the issue of trust and cyber security threats.

He also highlighted partnerships, mindset and data principles as ways of tackling the digital divide.

“Covid highlighted a lot of inequalities for us. With the inequality of digital haves and digital have nots, there is no way the economy can grow,” he said.

“I believe technology can help address some of these issues. It is also important for companies to have the mindset to want to invest in small businesses. A partnership is another tool. The digital divide is so big that the government, private sector or NGOs can not solve it on their own, but across the board, we can.”

For the issue of threats, Miebach said, “We need to address the issue Of trust deficit, we need to create digital trust and assure people of the safety of data, money and information, and in the space of cybersecurity, things are clear and safe. 

“Also, data principles on putting up data for the good of the individual, government and companies need to be addressed.”