Digital banking is a top priority for African banks.

This is an incredibly exciting time for banking in Africa. Banks across the region are recognizing the importance of digital banking, with Omdia research indicating that 10% of total budgets in 2020 were invested in enhancing digital banking offerings.

The importance of digital has been emphasized further by the COVID-19 pandemic, where onboarding and transactional services could only be conducted remotely. Banks are not tied down by legacy systems due to the infancy of digital banking in Africa, with each region at different stages, and the sector has the opportunity to embrace innovation and empower consumers with industry-leading products and services.

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    Key Messages

    Adopting a digital-first strategy requires the customer experience to be central to transformational plans.

    African banks can lead the cashless revolution through the rapid adoption of digital wallets.

    Enhancing self-service capabilities through artificial intelligence (AI) and machine learning (ML) will underpin digital banking adoption post-COVID.