Mission & Target Markets
Aya is focusing on services and solutions for emerging markets. Economic growth in emerging markets will significantly outpace the global average over the next years according to the World Bank. For example, Ghana’s economic growth has been projected to be the fastest-growing in the world for the first half of 2011 by EconomyWatch.com. Ghana’s Gross Domestic Product (GDP), which at the time was estimated to be 20.15 per cent, was far ahead of the 14.34 per cent recorded by Qatar as the next fastest-growing country.
The chart depicts the average projected real GDP growth for 2010-11: [1]
Aya is focusing on services and solutions for emerging markets. Economic growth in emerging markets will significantly outpace the global average over the next years according to the World Bank. For example, Ghana’s economic growth has been projected to be the fastest-growing in the world for the first half of 2011 by EconomyWatch.com. Ghana’s Gross Domestic Product (GDP), which at the time was estimated to be 20.15 per cent, was far ahead of the 14.34 per cent recorded by Qatar as the next fastest-growing country.
The chart depicts the average projected real GDP growth for 2010-11: [1]
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Challenges
More than 60% of the world´s population is un- or under banked with no bank account or access to financial services. A major constraint to regional and international trade are the high transaction costs for trade across borders due to deficiencies in soft and hard infrastructure. To unlock the potential of emerging markets to participate in regional and global value chains, transaction costs must be lowered, the business environment improved and investment shifted into acquiring the necessary skills and technology.
In the public sector, the administration of domestic taxes and other Governmental services poses a great challenge and has created a “gap” between the billed and realized tax and non-tax revenue.
Governments around the world now need to balance their books and are increasingly looking to indirect taxes on consumption to make up the shortfall. Consumption taxes include value added taxes (VAT), goods and services taxes (GST) and sales taxes. The key issues being faced by most Government agencies which have facilitated the creation of such revenue gap are as researched:
"Tax administration reform must also create a modern system based on voluntary compliance by taxpayers, backed by risk-based selective audits to enforce compliance. Moreover, in low income states where technical capacities in both the public and private sectors are weak, tax systems must be relatively simple and transparent, easy for taxpayers to understand and payment procedures for taxpayers should be simplified."1
In this context, Aya developed unique solutions to address these problems through a combination of durable and long-lasting but affordable point-of-sale devices and real-time applications that offer intelligent reporting and analytical tools.
Private Sector businesses in emerging markets are confronted with the same challenges of lack of good telecommunications infrastructure to enable real-time tracking and monitoring of sales revenue, payments, member registration etc. The situation is more evident in the remote areas of the target market. This presents a unique opportunity to develop solutions that help to resolve the challenges.
The positive economic growth and disposable income in many of those ecomonies will drive continued consumption and the acceptance of electronic payment solutions based on the psychological need to express aspirations. Countries are experiencing a growing, high-consuming “middle class” and a growing young-adult demographic that will fuel continued growth of "middle class" consumption.
1 J.P. Stijns OECD, Main Author "African Economic Outlook 2010"
More than 60% of the world´s population is un- or under banked with no bank account or access to financial services. A major constraint to regional and international trade are the high transaction costs for trade across borders due to deficiencies in soft and hard infrastructure. To unlock the potential of emerging markets to participate in regional and global value chains, transaction costs must be lowered, the business environment improved and investment shifted into acquiring the necessary skills and technology.
In the public sector, the administration of domestic taxes and other Governmental services poses a great challenge and has created a “gap” between the billed and realized tax and non-tax revenue.
Governments around the world now need to balance their books and are increasingly looking to indirect taxes on consumption to make up the shortfall. Consumption taxes include value added taxes (VAT), goods and services taxes (GST) and sales taxes. The key issues being faced by most Government agencies which have facilitated the creation of such revenue gap are as researched:
- A huge informal market (estimate 60-85%) of taxable entities not being captured
- Inappropriate software & hardware solutions for revenue monitoring and enforcement
- Improper records of registered revenue-paying entities
- A low level of compliance of taxable entities
- Refusal of the public to demand receipts from revenue generating entities
"Tax administration reform must also create a modern system based on voluntary compliance by taxpayers, backed by risk-based selective audits to enforce compliance. Moreover, in low income states where technical capacities in both the public and private sectors are weak, tax systems must be relatively simple and transparent, easy for taxpayers to understand and payment procedures for taxpayers should be simplified."1
In this context, Aya developed unique solutions to address these problems through a combination of durable and long-lasting but affordable point-of-sale devices and real-time applications that offer intelligent reporting and analytical tools.
Private Sector businesses in emerging markets are confronted with the same challenges of lack of good telecommunications infrastructure to enable real-time tracking and monitoring of sales revenue, payments, member registration etc. The situation is more evident in the remote areas of the target market. This presents a unique opportunity to develop solutions that help to resolve the challenges.
The positive economic growth and disposable income in many of those ecomonies will drive continued consumption and the acceptance of electronic payment solutions based on the psychological need to express aspirations. Countries are experiencing a growing, high-consuming “middle class” and a growing young-adult demographic that will fuel continued growth of "middle class" consumption.
1 J.P. Stijns OECD, Main Author "African Economic Outlook 2010"