July 28, 2015 IBOMLLC Team

Advanced technology increasingly shaping Africa’s financial sector

Advanced technology increasingly shaping Africa's financial sector

Innov8tiv
Innov8tiv – Blacks In Technology in USA, UK, Caribbean Islands & Africa

The local retail banking sector is increasingly making use of new technology such as ‘Mobile Money’ platforms

Consumers have started to move away from physical cards, instead relying on their mobile phones to conduct day-to-day banking transactions

The African financial services industry is rapidly evolving as a result of advancing technology which is fueling innovation and growth in the sector. While the sector is mature in most developed countries, it is less saturated in Africa, therefore offering many opportunities for new market entrants to challenge the status quo of how business has traditionally been conducted.

This is according to Sumesh Rahavendra, Vice President of Sales for DHL Express Sub Saharan Africa who adds, “The burgeoning middle class and abundance of SMEs in Africa present great opportunities for financial services companies to provide retail banking services to individuals, as well as trade finance to SMEs. We see SMEs as the engine for growth in Africa and the lack of access to finance can often hinder their development. With one of the fastest growing middle classes in the world, there is a wave of consumerism for all …read more

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