Africa’s digital revolution is shaping the future of banking
As Africa rides a wave of economic transformation, the continent’s leading financial institutions are embracing a digital revolution to redefine the very essence of banking.
In the global financial landscape, Africa stands as a continent on the brink of unparalleled growth and transformation. With a 1.2 billion-person market and the world’s largest free trade zone, rapid change is sweeping across nations, unlocking new avenues for connected commerce.
As Africa adds 10-12 million young people to the workforce each year, the continent’s youthful demographic is paving the way for other rapid advancements, creating fertile ground for digital innovations that challenge traditional banking paradigms.
Banks are embracing this digital wave, not just as a response to change, but as a catalyst to propel Africa into a new era of prosperity. Access Bank – the largest bank in Africa by customer base – is at the forefront of this revolution, building a movement that is improving its ability to serve customers and businesses alike.
By deftly blending financial expertise with cutting-edge technology, financial institutions like Access are redefining the essence of banking, enabling a seamless fusion between the digital and physical realms.
Redefining the customer experience
In a world where convenience and efficiency are paramount, the need to redefine the African banking experience is imperative. While the adoption of digital services grows across the continent, Access Bank has harnessed digitalization, through integrated financial products which are revolutionizing the customer experience.
With an average age of 20, the continent’s youth expect this flexibility from its financial providers. Access has seized this moment, rolling out services such as Breezepay transactions, where customers use generated codes to make payments with merchants, rather than having to use their ATM Cards.
It has also introduced Digital Loans – including a PayDay Loan, Small Ticket Personal Loan, and Vehicle Finance Loan – which means customers can access loan support through their mobile device.
And for those who aren’t currently utilizing any financial services, Access Closa, the bank’s community-based one-stop shop for all banking needs, is promoting financial inclusion to close the gap between the banked and unbanked population of Africa.
All of these developments arrive in the context of a new era of connected finance in Africa. With the African Continental Free Trade Agreement (AfCFTA) and Pan-African Payment and Settlement System (PAPSS), never has it been easier or cheaper to trade and connect across borders.
With over 25 million customers now engaged in digitally enabled transactions, and 11 million using the mobile app, the appetite and expectation for technology continues to grow.
In embracing digitalization, Access Bank has elevated the customer experience. By platforming simple but impactful features such as Bluetooth payments, as well as a comprehensive suite of services within the Access More app, the bank has intertwined banking with what people need to get the most out of modern life.
Fintech integration
The digital landscape is exponentially evolving, and the financial industry in Africa is embracing opportunities to combine traditional banking wisdom with the disruptive force of technology. Access’ partnership with Backbase, a fintech start-up which believes that the crux of modernization lies in delivering services that mirror customers’ true needs, is an example of this.
The partnership between Backbase and Access shifted the focus of IT onto customer-oriented technology, which has allowed it to reinvent its offerings and enhance its proposition for the digital age.
Access’ payment systems, once rooted in traditional methods, have also undergone their own transformation, from cheques and cards to mobile-based transactions. This digital surge is emblematic of Africa’s own trajectory, where digital payment systems are sweeping across the continent.
Striving for excellence
In the context of Africa’s rapid growth and youthful population, digitalization isn’t just a choice, it’s a necessity that fuels progress. The importance of digital is reflected in the wider African development narrative, where technology is bridging geographical gaps, empowering individuals, and promoting economic growth.
As Access and its customers reap the rewards, this story becomes a beacon of inspiration for other financial institutions seeking to navigate the intricacies of Africa’s evolving digital landscape.
Access Bank is a subsidiary of Access Holdings.