Africa Bank 4.0 Summit brings together the haut monde of Africa’s financial sector to address solutions around transforming Africa’s digital financial services roadmap keeping view how the 4th Industrial Revolution makes an impact. This must attend summit focuses on how financial services providers can capitalize on new technology to bring more value-added services to the mass market customer segment, what are the opportunities in collaborating with third party disruptors to enhance the customer value chain, and how to ensure a safe and secured experience.
The impressive growth in financial inclusion in Sub-Saharan Africa over the last few years has been driven primarily by mobile money and agent banking. By and large, the growth in traditional financial institution accounts fall behind. Where they do increase, it often appears to be on the back of the mobile money revolution. The message is clear: the future of the financial sector on the continent is digital.
While East Africa has long been the star performer in terms of the evolution of digital financial services, West Africa is the new growth market. Not only in terms of reach, but also for innovation. Banks in the sub-region are increasingly forming partnerships with mobile money operators to offer accessible and affordable services beyond the historical target market and are investing in their own digital operations to build new ways of banking. FinTechs have sprung up from Dakar to Lagos, and the regulatory environment continues to improve. There is every reason to believe that the early success of East Africa will be replicated and even surpassed in West Africa.
There is a need in the broader industry across the continent to shift to the next generation of digital products. A broader, more multi-faceted market is asking for more sophisticated and relevant products beyond person-to-person payments. There are evident opportunities to develop digital banking, savings and credit products, as well as the digitization of value chain financing and merchant payments. This can significantly improve customer benefits and usage, as well as long-term sustainability for providers.
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