Importance of digital transaction in preventing the corruption essay
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If digital transactions could curb corruption and black money , Kenya would have be en the most transparent co untry in the world. About 75% of the adult population in Kenya uses mobile phones for payments and money transfer. The value of mobile money transactions and transfers per day is equal to 4.5% of annualised GDP of Kenya, as per a report published in an International Monetary Fund (IMF) journal.
The use of mobile money is so widespread that Kenyans can use mobile wallet to pay for goods at virtually any retail shop throughout the country .This is something that the Indian government aspires to achieve post-demonetisation.
However, Kenya was listed as one of the world's most corrupt countries in Transparency International's 2015 Corruption Perception Index, ranking 139 out of 168.
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Importance of digital transaction
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- The digital transaction also known as cashless economy this can serve un-banked facilities for those people who are willing to use different channels of transactions such as phone wallets and other methods of transaction.
- These types of transaction further help in preventing corruption also plus it reduce the burden on the banking system and it is more convenient and safe than the cash transaction.
- Due to digital transaction police can trace where and whom the money has transferred so it prevents corruption also because no one trace the cash transactions.
Learn more: Digital transaction
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