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