The rise of digital banking in Africa

16 April 2019 18,063 1 comment

Editorial

This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.

Mr Thairu Ndungu, Deputy Managing Director, Consolidated Bank of Ghana, speaks at The Temenos Community Forum 2019 in The Hague about banking developments in Africa, the challenges and opportunities for banks and fintechs around digital, and how technology is helping.

Related Company

Temenos – The Banking Software Company

Channels

/retail banking /payments /wholesale banking

Keywords

mobile & online banking transaction banking

Comments: (1)

Michael Harte Management Consultant / Programme Director at Okapi Solutions Ltd

17 April 2019

Multiple opportunities for banks and other organisations to develop and improve the digital banking landscape in Africa. However, how many banks would be prepared to 'share' the customer ownership they have today?

Fintech firms will eventually mature and move from merely licensing their platforms, etc., to the banks to disintermediation, i.e., becoming the known brand and being the face of banking. There's no loyalty owed to established banks by the younger, tech-savvy generation - they merely want a service delivered seamlessly, quickly and, preferably, at a lower cost.

Looking at banking in the cloud, where core systems can be shared rather than trying to be used as another USP, will accelerate the relationship change and potentially further de-link customers from their actual bank.

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