What Africa's banking sector needs to do to survive: Ndubuisi Ekekwe, Founder, African Institution of Technology

Across Africa, banking is being redesigned. Technology has emerged as a competitive weapon in driving operational excellence and superior service quality. While the banks compete among themselves, they face existential threats from amalgam of entities, not necessarily possessing bank licenses.

For example, from telecommunication companies to fintech entrepreneurs, African banking fees and commissions are under tremendous presure. M-PESA offers services that are dislocating the banking architecture of Kenya, and not even global banking giants have been spared. Nigeria’s Interswitch, a fintech, has been rumored to have a valuation of $1 billion, easily eclipsing most banks in the country. Through Paypal, Nigerians spent $610 million via their mobile phones on international shopping in 2015, depriving local banks forex fees. California-based Stripe has unveiled a solution to enable online entrepreneurs to run U.S. companies and bank accounts while living outside U.S., and African entrepreneurs are excited.

Read more: What Africa’s Banking Industry Needs to Do to Survive

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