From Cape Town to Cairo, digital banking is the buzzword as incumbents and newcomers vie for a young, tech-savvy population. These include the nearly 75-year-old WEMA Bank in Nigeria, which in 2018 launched the country’s first fully digital bank, providing branchless customer service. Tyme, controlled by Patrick Motsepe’s African Rainbow Capital, became the first purely digital bank in South Africa after rolling out branchless operations in August. Despite some early success with digital-only banking platforms, McKinsey cautions that some countries are more receptive than others to the transformation. Furthermore, the population as a whole is migrating toward digital banking, primarily because of the lack of other options at times,” says Kumire.

Source: The North Africa Journal October 12, 2019 15:00 UTC