Digital banking to the rescue🚑
Several challenges have confronted Africa's financial services sector over the last decade. Currency depreciation, market volatility, inflation, and investor exodus are just a few of them.
However, the last five years have seen digital banking shockwaves breathe new life into the financial sector. The continent's financial services sector is gradually finding its feet, with telcos and fintech startups leading the cost-effective digital banking economy and commercial banks succumbing to adoption rather than competition.
In addition, given the increasing exodus of multinational banks from the continent, could the adoption of digital banking prevent even more of them from leaving?🤷♀️
Have a great read!😉
Ishioma Emi
Staff Writer, Ventures Africa.
Could digital banking keep foreign banks from leaving Africa?
While the likes of Atma and Barclays Plc have made solid moves to exit the continent, Standard Chartered Plc has permanently adopted digital retail banking and working practices initially implemented due to the pandemic. Read more.
Will African banks survive the tech wave?
Competition is rising against traditional banks. But for them to become extinct, it will mean that everything they have to offer is replaced by more efficient alternatives. Fintech firms currently provide all the core elements of consumer banking, save for corporate investments and corporate consultancy. Read more.
Does the eco have a place in the future of money?
Theoretically, the eco should promote integration. But many economists wonder if the currency is even going to solve any problem at all since most African countries are more interested in trading outside the continent. Read more.
Mastercard plans to expand digital payment acceptance across MEA with new partnership.
In 2019, Mastercard made a strategic investment as a cornerstone investor in Network International, followed by an additional commitment over a five-year period towards developing innovative payment solutions for consumers to accelerate the adoption of cashless payments and propel a world beyond cash. Read more.
This Nigerian company provides health insurance in exchange for recyclables.
Indiscriminate plastic disposal and poor waste management pose risks to the environment and human health. Soso Care, a micro mobile health insurance startup, allows Nigerians to pay for insurance with recyclables. Read more.
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