Intelligent Fin.tech Issue 02 | Page 45

REGIONAL REVIEW

More than half the respondents cited online businesses as an example of entrepreneurial activity and 45 % believe COVID-19 increased opportunities for online entrepreneurs in Egypt .
This reflects the experience of many others around the world during the lockdowns . When bricks-and-mortar stores were forced to close , e-commerce-based businesses experienced a boom globally , as more people went online to purchase the goods and services they needed .
Advances in mobile technology and the growth of online businesses are creating more income earning opportunities in Egypt and other MENA countries . The Organisation for Economic Co-operation and Development found that online business processes , such as social commerce and mobile phone payment systems , are lowering barriers to entrepreneurship in the MENA region , particularly for women .
The availability of more income-earning opportunities could be changing how Egyptians view their employment . The Nielsen study revealed a broad approval among Egyptians of having a ‘ side job ’ – in addition to their primary employment – to earn supplemental income .
Again , the attitude among Egyptians is consistent with the global trend , particularly with the growth of the gig economy , in which people use online platforms to sell products and services to earn extra income in their spare time .
Globally , gig-based activities increased during the pandemic , as economic uncertainty prompted people to seek alternative sources of income . In the process , many discovered that technology enabled them to work from anywhere according to their own schedule , meeting their desire for greater autonomy and flexibility in their work .

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