Johannesburg, May 17, 2023 – African Banker magazine, the best-selling publication dedicated to banking and finance in Africa, and Backbase, the leading Engagement Banking Platform, have partnered to produce the 3rd edition of their comprehensive report about the ongoing African digital banking revolution, exploring the major trends shaping the future of the banking industry and financial inclusion on the continent.
The core of this year’s report is the most comprehensive banking survey on the continent that attracted the participation of a record 153 banks from across the continent. Against an adverse macro-economic environment, African banks remain resilient and committed to invest in digitization to remain relevant in today’s competitive landscape.
Most African banks understand the importance of the key technological shifts with over 50% of surveyed banks considering it the most important factor for their business. Moreover, 19% of banks considered identify themselves as “digital native”, further stressing the importance of digital transformation going forward.
A second element of the report focused on the key technological trends shaping the future of the banking ecosystem in Africa. Last year 74% of banks surveyed named cyber security as one of the most important trends to shape the future of the industry. However, this year, Artificial Intelligence came out on top.
Most importantly, on a continent where banking penetration rates are still below 50%, African banks reaffirmed the importance of driving greater financial inclusion across the whole continent. Roughly 50% of banks surveyed named retail banking as their top priority for 2023/2024, whilst also referring to mobile wallet apps and digital payment systems as the most critical product development priority for the next two years.
It is widely accepted that digitalization can solve many of the structural problems that exist in access to finance in Africa and banks still have a huge role to play to spread financial inclusion, including in the B-to-B and B-to-C segments. Which is why it is essential to create an optimal environment to carry out this crucial mission, another pressing issues identified by banks.
The full research report, accessible here, offers a clear perspective on market trends, challenges, detailed analysis of the survey results and recommendations.
About IC Publications
IC Publications has over 50 years’ experience in publishing magazines, newsletters, country supplements, industry reports and market intelligence on Africa. With over 2.6 million readers across its portfolio in more than 100 countries, our publications are the region’s undisputed market leaders. Our readers and clients represent the elite from business, political and academic circles and are people who have influence over the direction of their countries and companies.
The group combines experience and an unrivalled network in Africa. With a vastly knowledgeable and well-connected editorial team spearheading our publications we guarantee that you receive only the most insightful commentary and analysis from this dynamic and extraordinary region. In addition, our specialist contributors from around Africa ensure our special monthly reports are the definitive analysis of the latest business and economic developments.
IC Publications is the publisher of African Banker, African Business and New African magazines.
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