Retail Banking in Africa

Digital transformation.

African banks find themselves on a perilous path as they navigate the challenges presented by low banking penetration rates and a highly competitive market. But from these pressures are great opportunities.

 It is no secret that high mobile phone usage rates have proven a great way for banks across the region to connect with new customers and tap into the previously unbanked. It is driving widespread innovation across the sector and it’s showing no signs of slowing down. Banks are leaping at the chance to adopt new technologies that are allowing them to develop new ways of doing business. They’re changing the way they connect with their customers, they’re enhancing their value propositions and they’re optimizing their operations along the way.

Ultimately, financial institutions are realizing that they need to leverage digital across all areas of their operations to maximize growth. They can do this by developing the technology themselves or partnering with the fin-techs and mobile network operators that already have successful mobile wallets, mobile payments and popular e-commerce offerings on the market.

In this regional review produced in collaboration with Efma ,we present the main challenges and opportunities that banks across Africa face as they seek to connect with a new generation of customer and put digital at the center of their business models. We hear from the local industry’s leaders, including Nedbank Group, Mauritius Commercial Bank and Sterling Bank about how they’re embracing the latest technology advances to offer exciting new customer experiences and product offerings in a more cost-effective manner, and tackle financial inclusion head on. In our roundtable article, we gather perspectives from senior executives at some of the continent’s largest banks on digital opportunities and how the retail banking landscape is evolving. Finally, we share some of the most exciting innovations that have been introduced to the market within the last year.

Retail Banking in Africa