Banking and Beyond
Financial technology is changing the way banking works in africa
Mobile phone penetration in Africa has considerably increased in recent years and is expected to soar even higher as Chinese brands Infinix, Huawei and Techno gain traction through quality and affordable prices.
The increase in the penetration coincides with a surge in the number of Internet users on the continent. Both these increasing trends make Africa one of the fastest growing global regions in terms of technology worldwide.
Smartphone digital content has become the order of the day as mobile technology enables companies to better serve their clients. Where this is having a drastic effect on changing customer service options and banking in general is financial technology, better known as fintech. As a growing sector, banking is witnessing a revolution as fintech startups around the world proliferate. Fintech companies have streamlined the banking sector, forever changing customers’ relationships with these financial institutions.
Clients now have a wide range of methods to meet their banking needs. Strongly present in payment areas, technology companies also offer clients digital options like ATMS, online chat, mobile phone and Internet banking.
Rise of fintech
The rise of technology in the banking industry has reached epic proportions, with investment in fintech rocketing around the globe from $19.9 billion in 2014 to an unprecedented peak of about $41.7 billion in the first half of 2018, according to a July report by the Uk-based firm Fintech Global.
In the process of changing the operation of banks, fintech companies have drawn the attention of venture capitalists, private equity firms, corporates and a number of other players.
One of these players is Pan-african bank Ecobank, the only African bank present in 36 countries on the continent. Ecobank has embraced fintech through its digital services as well as via its flagship program, the Ecobank Fintech Challenge launched in 2017.
“At Ecobank, we have always taken great pride in our commitment and leadership