The growing mobile penetration in Africa, coupled with expanding tech-savvy millennials and the Gen Z population, has created fertile ground for the banking sector to thrive digitally. African neobanks and challenger banks such as TymeBank, Kuda, Mpesa, Bank Zero, Discovery Bank, and Better Finance have taken the continent by storm, transforming banking for millions...

The 2008 financial crisis feels like it happened a lifetime ago; however, many companies still feel its effects today. Few industries were more impacted by the financial crisis than banking, which, ironically, was also the main cause. While a variety of factors contributed to the chaos the world economy experienced in 2008, one of the most heavily cited is the lack of clear...

For the longest time, banks and other financial institutions have been trying to rebound from their traditional models through digital transformation – to infuse automation in their offerings and take care of the dynamic expectations of modern-day customers. But of the many aspects, a greater majority have neglected digital consumer onboarding...

The technological advancements we have experienced over the recent years, accelerated by the global pandemic has given rise to a new version of consumers – the digital consumers – who have a totally different taste in digital products. Global statistics on smartphone adoption show that the trend has risen from 49.40% in 2016 to 83.72% in 2022 and is expected to remain exponential in the coming years.

Digitization of banks and financial institutions has taken the African continent by storm, especially in emerging markets such as South Africa, Nigeria, Ghana, and Kenya, which are considered the hotbed of innovation in the region. This comes at an opportune time to drive financial inclusion when 57% of the population does not have a formal bank account, yet 75% own mobile phones.

Digital banking in Africa has been scaling fast and is expected to maintain (if not increase) the pace owing to rapid mobile penetration, which is projected to hit 615 million people – 50% of the region’s population. Ecosystems like eCommerce, healthcare, gaming, and entertainment are setting the pace and standard for personalized digital experiences across digital channels.