parties – to supplement their respective offerings.
API Marketplace isn’ t the exception to the rule, since there are numerous solutions that prove businesses don’ t need to reinvent the wheel or spend a fortune on development costs. This affords companies time to focus on what they do best while adding value to their customers.
The African Conundrum Africa suffers from widespread chronic issues of lack of transparency and ineffective land administrations. The good news is that, data digitisations, analytics and blockchain all have the potential to alleviate administration struggles. And companies such as SESO Global and HouseAfrica are already working on projects in South Africa and Nigeria, respectively, to service land titles and register properties.
Further up the continent, we’ ve already seen the impact that proptech has had in Rwanda, where a nationwide digital-based land registry system directly connects to the main banks. The downstream benefits of the project results in improved income security, rural development and access to credit.
As the first-of-its-kind project on the continent, this initiative has seen the country ranked third in the world in terms of ease of registering a property( seven days compared to the sub-Saharan African average of 52 days) and serves as a great example of how governments can leverage open-source software and open data.
The Speed of Adoption Time might be of the essence, but it will still take time for the industry and governments to embrace these new technologies. In terms of industries that have already deployed blockchain, Gartner research indicates that only 18 % of financial services CIOs plan to deploy it in the next 12 months, followed by services( 17 %) and transportation( 16 %).
“ The adoption of technology no longer a mere consideration, now, but a must-have.”
Land registration is a complex system and any technology solution needs to deal with the challenges of policy, multiple agencies, social inclusion, political influences, capacity for implementation and other local context. The World Bank did a review of the various land administration projects it funds and discovered that the effectiveness of land reform largely depends on the responsiveness to the specific local context. This is why it’ s so important to have local entrepreneurs and leaders building local solutions.
Lastly, as a commercial and industrial property financier across the continent, we have to figure out how we can do business between different countries – let alone within our own borders – under severe travel restrictions. Currently there is an underway research about how we can share and sign documents online, working closely with innovative companies like SESO Global to help us do that.
SA Real Estate Investor Magazine APRIL 2021 17