Banking access across Africa has increased in 2022, with 48% of the population having access to banking services, compared to 45% in 2017, according to the latest edition of the African Digital Banking Transformation Report, that attributes the growth to the popularity of mobile money and digital banking. The comprehensive 30-page African Digital Banking Transformation Report, published by African Banker, delves into the latest advancements in the African digital banking landscape, meticulously monitoring the rate of progress, key focus areas for banks, and the strategies employed to establish mobile app and internet banking functionalities. McKinsey, the global management consulting firm, predicts a 10% annual growth rate in the African financial services market, generating $230 billion in annual revenues by 2025. In comparison, Asia and Latin America have a higher digital banking adoption rate of around 50%, the study notes. Younger people are more inclined to adopt digital technology than are their parents and grandparents, suggesting that the uptake of digital banking services will continue to grow.

Source: The North Africa Journal June 09, 2023 02:44 UTC