The increasing growth of digital technology is not only making communication seamless but it acts as a backbone to the array of businesses with unique business models that transcend geographical borders.
The proliferation of business models like platform-based are enabling entrepreneurs to launch their products or make their services accessible in areas which they can hardly write later pronounce. Regulating businesses that continue to operate in jurisdictions with no physical place or representative person is a headache to regulators.
Not being strategic, some regulators have decided just not to change, keeping the status quo which in part has and still stifling innovation and creativity as it presents another barrier for innovators and entrepreneurs to overcome.
In such an environment the only winner is the traditional businesses that are so reluctant to innovate which does not only lead to product and consumption of poor-quality products and services but also contributes to youth unemployment.
According to the African Development Bank, over 300 million people are expected to be employable by 2035 and these are young people which by all measures is to exacerbate the youth unemployment problem.
Yet an innovative legal framework holds unspeakable potential as both a driver and enabler of innovation and entrepreneurship making the business environment more competitive.
Creating a more supportive business and investment environment all converge to the legal framework as its gives and form to the kind and amount of capital that is acceptable and type of business are allowed to operate.
That’s why in his address during the African Law and Tech Network Summit that was organized by the CERTA Foundation in partnership with ICT Chamber, Justice Dr Emmanuel Ugirashebuja, Honorable Minister of Justice and Attorney General urged delegates and other attendees to consider technology not as a disruptor but rather a tool to support and enable justice.
A sentiment that was echoed and re-affirmed by the Paula Ingabire, Honorable Minister of ICT and Innovation during the fireside Chat with Isobel Acquah Director of Centre for Law and Innovation as she shared Rwanda’s Journey in embracing technology to give justice and its role in raising the standard of rule of law with a heedful audience.
“First there should be a strong foundation and willingness because if technology finds none, it creates chaos,” she said.
Other further discussions also keenly focused on the regulation of AI and startup support to keep on with innovation, job creation and inclusive economic growth.
On the second and third day several speakers emphasized the need for more collaborative harmonization of legal frameworks to facilitate data protection and sovereignty with compromising data flows and intercontinental digital trade if African countries are to truly reap the benefits of AFCTA.