Africa shifts towards cashless banking: Ecobank

Ecobank AfMore and more people in Africa are using digital banking facilities. (Image source: Deutsche Bank/Flickr)An increasing number of African populations are using mobile banking, according to Ecobank, the leading independent pan-African banking group

During the recent Africa Tech summit in Kigali, Rwanda, said about the development of cashless payment systems in Africa through its mobile app and other products.

“Africa is now at the forefront of fintech with 57.6 per cent of the world’s 174mn active registered mobile money accounts in Sub-Saharan Africa. Fintech in Africa is predicted to grow from US$200mn to US$3bn by 2020,” said Ecobank.

Ecobank’s mobile app aims to allow customers to check balances, pay bills and merchants and many other services. The mobile app provides banking services at a much cheaper cost than traditional banking, thus making it more accessible to the users.

Rwanda, where the summit took place, has the second highest use of mobiles in Africa, with more than 50 per cent of the population unique subscribers. Kenya has the highest penetration rate of almost 60 per cent of the population.

Speaking at the Africa Tech summit, Nshuti Lucy Mbabazi, assistant vice president, push payments for the Ecobank Group, explained the importance of fintech and moving towards a cashless society. Mbabazi said, “Digital technology is central to what we do at Ecobank. Technology offers us great opportunities to open up new markets, increase choice and speed delivery of services.”

“Going digital provides not just better services and connectivity, but enables banks and businesses to unlock productivity and play a role in development,” she further added.

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