Opinion: Forget the fintech vs. bank battle —Africa’s financial future lies in unlikely alliances
With over 300 million people in Africa lacking access to basic financial services, Africa’s financial industry cannot afford to become embroiled in rivalries between traditional banks, fintech companies, microfinance institutions, and telecom giants. By Bathsheba Asati, Principal Strategy Custodian, Amahoro Coalition, and Kwadwo Adjei-Barwuah, Head of Investment at Growth Investment Partners, Amahoro Coalition While many […]
Opinion: Why the success of mobile money depends on public-private cooperation
With 36.7 billion transactions totalling $701.4 billion in 2021, Africa already dominates the global mobile money landscape, comprising over two-thirds of the $1 trillion that flows through these services globally. But it is only scratching the surface of its potential and is now embarking on the next chapter of its evolution, which could have ramifications […]
Alternative credit scoring in Africa: A new hope for financial inclusion?
Register Google agenda Fintechs, commercial banks and insurers are increasingly deploying AI and machine learning to analyse new-age mobile and web data to expand credit to individuals and small businesses lacking financial footprints. But concerns remain about the reliability of the metrics used and customer privacy, particularly as data protection laws are in their infancy […]
Cryptocurrencies: Time for African regulators to harness the potential?
African regulators should consider strategic regulatory frameworks allowing cryptocurrencies to legally operate in ways that would benefit national economies, according to high-level participants of a strategic roundtable at the Africa Financial Summit – AFIS 2022. By Oliver Nieburg – Editorial Consultant, Jeune Afrique Media Group Regulating digital assets could protect African cryptocurrency users and open […]
Digital currency innovations in Africa: What should policy makers take into consideration?
As Sub-Saharan Africa leapfrogs into the digital age with digital currencies, economists from the International Monetary Fund (IMF) weigh up the risks and opportunities of different types of digital payment instruments. By Habtamu Fuje, Saad Quayyum, and Tebo Molosiwa Policymakers in sub-Saharan Africa are looking to improve financial inclusion and efficiency of payments through digital […]
Ramping up cybersecurity at Africa’s banks and insurers as threat levels rise
Africa’s rapid digital transformation since COVID-19 leaves critical infrastructure vulnerable to cybercrime, which cost the continent an estimated $4.12 billion last year. Banks and insurance companies are increasingly becoming prime targets. What are the emerging threats? And how should institutions balance reinforcing internal capabilities versus outsourcing expertise? By Kingsley Kobo High demand for new financial […]
Growth, digital revolution, new players: What does the future hold for Africa’s financial champions?
Register Google agenda From pandemics to inflation, from energy crises to growing debt levels… while Africa’s banking sector has until now withstood multiple challenges and their consequences, the future looks ever-more uncertain. Risks are emerging on several fronts: defaults, falling profitability, liquidity issues. All this while the industry undergoes a profound restructuring to adapt to […]