Mr. Innocent Kawooya, the CEO of HiPipo Uganda has hit at haters of technology, pouring iced water on a common narrative that the latter will cause loss of jobs.
Appearing at NTV on Tuesday morning, Mr. Kawooya whose popular tech firm recently unveiled the Women in FinTech hackathon and summit said technology and innovations will instead create many more jobs and ease work.
“Those who say development of technology will cause loss of jobs are being unfair. It’s the other way round. Technology and innovations will instead create many more jobs and ease work,” he said.
Kawooya aimed a chicky at innovators, telling them off to come up with transformative technology because, ” that innovation should be in one way or the other a solution to a certain challenge”.
Kawooya also said that he’s happy that COVID-19 has accelerated the shift to the cashless economy.
COVID -19 has resulted in a reduction of cash being used as a medium of exchange.
The reason attributed is the inability to have a physical reach to execute such payments during the lockdown. The potential threat of money bills being a carrier of the virus made it further a discouraging choice. These have forced the individuals to switch to digital payments as urgency to acquire the essential goods. The cash processing agencies, such as banks, are operating in reduced hours or for important transactions only. Cashless payments could become a permanent fixture in the economic exchange ecosystem hereafter.
However, a robust digital payment system has yet not been achieved in the country owing to several structural challenges that hindered the boost in cashless transactions.
The technological advancement, current emergency, and a need for cashless transactions have eradicated such boulders to a certain extent. Electronic payments that faced a number of barriers and obstacles in bricks and mortar shops, along with challenges like cybercrime, fraud, and privacy concerns seem.
The widespread move to contactless, cashless payment systems raises concerns about the impact on low-income consumers, often mobile members, and members of minority groups who do not have access to credit or debit cards and Mobile Money.