Editorial
-AlayaBrown
Shaping Africa’s Tomorrow
Ineveryera,trueleadershipemergesnotonlyintimesofstability
butmoresoinmomentsoftransformation.Africastandsatsucha juncturetoday,aneradefinedbyrapidinnovation,dynamic entrepreneurship,andvisionaryleadership.ThiseditionofInsights Successtitled, The Most Influential Leaders Building Africa’s Future celebratestheindividualswhosebolddecisions,unwavering commitment,andstrategicforesightareshapingthecontinent’s destiny.
Ourfeatureleadersspanindustries,disciplines,andgeographies,yet theyshareacommonthread:thedrivetocreatemeaningfulimpact. Frompioneeringsustainabletechnologiestoredefiningeconomic frameworks,theseleadersaredemonstratingthatAfrica’sfutureisnot simplytobeinherited,itistobeactivelybuilt.Theychallengenorms, empowercommunities,andcultivateenvironmentswheretalent thrives,demonstratingthatleadershipisasmuchaboutvisionasitis abouttangibleaction.
Beyondaccoladesandaccomplishments,whatsetstheseleadersapart istheirdedicationtoinclusivegrowth.TheyrecognizethatAfrica’s potentialliesinitspeople,andtheirworkensuresthatopportunities arecreatedforthenextgenerationofinnovators,entrepreneurs,and changemakers.Byembracingbothlocalrealitiesandglobal perspectives,theyarecraftingsolutionsthatresonatefarbeyondtheir immediatespheresofinfluence.
Asyouexplorethisedition,weinviteyoutoreflectonthestoriesof courage,ingenuity,andresiliencethatdefineAfrica’semerging leadershiplandscape.Thesenarrativesareareminderthatprogressis builtonboldideas,collectiveeffort,andtherelentlesspursuitof excellence.
Wehopethiseditioninspiresreaderstonotonlyadmiretheseleaders butalsotocontributetothesharedmissionofbuildingastronger, moreprosperousAfrica.
Happy Reading!
The Guiding Light Of Africa’s Financial Innovation
T E H IV E S F U R L O C N X T E P E A G
I N D U S T R Y I N S I G H T S
Beyond Technology
A Framework for Human-Centered Digital Transformation
Challenges and Opportunities
Regulatory Frameworks and
Financial Innovation in African Banking
Editor-in-Chief
Managing
Art
Business
Business
Digital
Co-designer
Marketing
Technical
Ins tute
Emmanuel Morka
Regional Chief
Informa on Officer
Lungile Mginqi CIO
Mandla Mkhwanazi CIO
Peter Tshishonga CIO
Thato Matsipe CIO
Access Bank ghana.accessbankplc.com
Featuring Sasol sasol.com
African Development Bank Group afdb.org
Standard Bank Group standardbank.com GITO careerjunc on.co.za
Brief
A seasoned technology strategist proficient in digital transforma on, database architecture, vendor governance and business-IT alignment driving innova on and resilience.
A business-oriented digital leader skilled in IT/OT convergence, enterprise architecture, transforma on delivery, stakeholder management and cost op misa on in complex opera ons.
A dynamic digital leader with strengths in innova on strategy, disrup ve technology integra on, board-level advising and enterprise process op misa on across sectors.
A customer-centric CIO experienced in cloud adop on, digital journey management, talent capability development and aligning technology with business outcomes.
A versa le IT execu ve with over two decades of exper se in so ware/cloud pla orms, stakeholder engagement, public-sector and telecom solu ons and strategic growth leadership.
The Most Influen al Leaders Building Africa’s Future
THE FRONT PAGE EXCLUSIVE
EMMANUEL MORKA
The Guiding Light Of Africa’s Financial Innova on
"I believe every challenge conceals a chance to build something las ng.”
InAfrica'sendlessexpanse,growthisdrawninevery deal,everyhandshake,andeverydreamthat challengestoremakewhatispossible.Evenon congestedstreetsofcitythoroughfaresanddistanthavens ofruralvillages,bankingdoesnotdobusinessas impersonalfiguresonapagebutaslifelines-forhope,for dignity,fortomorrow.Itspipesvibratewithpossibility, carryinghopetomillionswhoselivesittouches.Butevery innovation,andeverybreakthrough,beatsaheart.Because thetruestoryofAfrica'sbankingrevolutionisn'tinservers orcode,butinpeoplelikeEmmanuelMorka.Heisa technologyidealistwhobringstechoutofcoldcodeand intolivinglegacy
Thefinancialhistoryofthiscontinentisatapestryof disappointmentandhope,onethathasbeensewnbypeople whofindpromiseineveryfailure.Regulationschange, wallsgroan,andhopeisconstantlyrebornwithevery purchaser.Itisthisdelicacythatisthebackdroponwhich thefutureispainted,notrandomlybutbyheartsofbravery Emmanuelovermapsthesewaters;hisexistenceisa passagecontainingeachfleetinginstantofpossibility, bringinginstitutionsacrosslinestoaricher,human meaning.
Hisstrategyerasesthedistinctionbetweeninnovationand humanitarianism,neversatisfiedtoletadvancementbe reservedfortheprivilegedfew Technologyisatool, modernizationanadaptation,andeachmove,fromplacing next-generationleadershipinpositiontosoothinga customer'sanxiety,createsalegacylargerthanquarterly objectives.Andineveryteamtraining,everydeployment rhythm,Emmanuel'stestimonybearswitnessthatchangeis neveranindividualdrama.It'sacommunitybeatthatraises theentirecommunityandlightsbrightskies.
"My journey is about blending discipline with imagina on, plan ng possibility even in the cracks of old systems.”
Hisstyleblurstheedgebetweeninnovationandempathy, neverwillingtositidlybyasprogressistheprivilegeofthe rich.Technologyinhisworldisaservant,modernizationa bridge,andeverymove,frommentoringthenext generation'schieftosoothingacustomer'sanxiety,createsa legacyabovequarterlyobjectives.Andinthebeatofevery teamsession,everydeployment,Emmanuel'staletestifies thatchangeisneveroneman'sdrama.Itisasharedbeat thatliftsentirecommunitiesandlightsupbrightskies.
ACatalystofChange
Emmanuel’sjourneyiscolouredbybothrigourand creativity.It’sanorbitwheredisciplinemeetsimagination. AsRegionalChiefInformationOfficeratAccessBank, hispresenceisnotjustfeltinprojectscompletedbutin futuresawakened.Histeamsseehimnotonlyasamaster ofOracledatabasesorprojectmanagementbutasthemind thathelpsthemblendwhatisstrictwithwhatisswift.Itis hisinfluencethatplantspossibilityinthecracksofold systems,nourishingnewtalentandleadershipthatrefuses tostandstill.
Careerspansaremeasuredinyears,butEmmanuel’simpact ripplesinmoments-whenaback-endengineerlearnsthat complianceandinventionareallies,whenarural entrepreneurfindsbankingtoolsathisfingertips,andwhen anaspiringtechnocratfindsamentorwholistensand acceleratespotentialratherthanguardingit.
CreatingtheFuture:RigourandAgility
Withmorethan18yearsofshapingAfrica’sfinancial technology,Emmanuelwieldstwopowerfultools: technicalrigourandcreativespeed.Hedesignsteams likedualengines:onegroundedinthesecurityand reliabilityrequiredbybanks,theotherfuelledby rapidprototypingandempathyforcustomers’daily realities.Hisrecipeissimpleyetradical:stabilityis builtatthecorewithagilityonthesurface; complianceisnotrepression,butthescaffoldingfor innovation.
Forfoundationalsystems,Emmanuelinsistson precision.Yethewelcomessprintsanditerationsfor personalbankingappsandsolutionsservingtheselfemployedorsmallbusinesses.Hispeoplelearnto embraceDevSecOps,refusingtoseerigidityand flexibilityasenemies.Whenrollingoutmajorfeatures, Emmanueldrivesthebackendrelentlesslywhile empoweringthefrontendteamtoco-createwithusers, provingeverydaythatinclusionmeansinvolvingpeople ateverystage,notjustatlaunch.
Hisownargumentisstraightforward:significantchange onlyhappenswhenthemostresilientcorecomestogether withempowered,agileexpertsonthefrontlinethat interactwithcustomers.Thisduality,theengineer’s disciplinefusedwithopennesstochange,defineshis hallmark.
LeadershipBeyondBordersandBarriers
Emmanuel’svisionisnotconstrainedbygeographical lines.Hisleadershipthrivesonadaptation, transformingwitheverymarketheserves.Ifthe regulatorywatersintheGulfdemandspeed,he orchestratescomplianceatalightpace.In Africa,wherepowercanflickerandbroadband isoftenfragile,heinventswaystocentralize authorityuntillocaltalentblossoms.He studieseverymarketforitsnuances, respectsitslimitations,andlooksfor opportunityineveryconstraint.
Hisgreatestinnovationmaybehishuman-centred philosophy.Emmanuelknowsthefutureisbuiltonmore thansystems.Itiscarvedbypeoplewhofeelownership, notjustobligation.Hemakesithismissiontomentorand unleashtalent,turningeveryhireintoapossibleleaderand everysetbackintoalessonshared.Hisleadershipis adaptivenotjustinpolicy,butintheheartshecultivates.
Colleaguesoftenrecallhowhismentorshipturnsintoan incubatorforcreativity.Inmarketswhereresourcesare limited,heteachesbyrollinguphissleeves,workingside byside,impartingresilienceandgrittorecruits.Itisnot uncommonforhismenteestorise,laterleadingtheirown projectsacrossAfrica’stechnologycorridors.
StrategicChoices:ModernizationThatMatters
Emmanuelapproachesmodernizationlikeanartist,making everyupgradecountandeverydollarmatter.Hejudges legacysystemsbyhowtheytouchlives:Dotheyfuel revenue?Improveexperience?Freeteamstoinnovate?Ifa systemisacostlydrainoraroadblocktogenuine collaboration,itmovesupthequeuefortransformation.In Ghana,heprioritizesmiddleware,adecisionthatunlocks easymobilemoneyandfintechpartnerships,allowingrural womenandsmallbusinessestotransactaseasilyascity executives.
Long-termvisionguideshim,buteachdecisionisshaped bythepresent,neverchasingnovelty,alwaysaimingfor genuine,practicalvalue.Ifinnovationcanwaitbecause stabilityisatrisk,hewaits.Ifmodernizationmeansmore familiescanpayschoolfeeswithouttravelling,he accelerates.
Hesharesopenlythatmodernizationismeasurednot simplybytheserverroomsupgradedbutbythereduction instressfortheeverydayuser:theteller,thevendor,the motherseekingtomovesavingssafelyacrosstheregion.
"For me, compliance and innova on are not enemies; they’re best friends in every transforma on.”
Inclusion:TrailblazerforAllVoices
Emmanuelseesinclusionasnon-negotiable.Hisstoryisa calltoaction,designingsystemsthatextendbanking beyondurbancenters,toeveryruralmarket,everyfarm, everyvendorwhoreliesonsimpletools.Heensuresthat technologyspeakseverylanguageandreacheseveryhand, withinitiativessuchas:
• USSDfunctionalitysothatfeaturephonesbecome gateways.
• Agentnetworksandmobilemoneypartnershipssothat novillageremainsunbanked.
• Simplifiedonboardingjourneyssothatpaperworkand complexityneverstandinthewayofamotheropening anaccountforhischild.
Inhisworld,inclusionisnotaslogan.Itismeasuredby howmanydoorsareopenandhowmanybarriershave vanished.
Heoftenvisitsruralareashimself,participatingin communityworkshopsandlisteningsessions.Thishandsonapproachdeepenstrustandgiveshimfirsthandcontext forsolutionsthattrulyresonate,ratherthansimplyfulfil policyrequirements.
Trust:BuildingwithIntegrity
TrustformsthecentreofEmmanuel’swork.Heleads AccessBankincraftingprivacybydesignandreliabilityas ahabit.Histeamsbakeencryptionandgovernanceinto everyphase,andtheyaddressoutagesorchallengeswith transparencyandresolve.Emmanuelunderstandsthattrust isbuiltnotinmomentsoftriumph,butinmomentsof honestdifficulty
Hiscalmapproachtocrisis,quickacknowledgement, followedbyclearcommunicationandrapidaction,spreads securitynotjustincode,butinconfidenceamong customerswhorelyonhissystemsfordailysurvival.
Hechampionstransparentreportingandcelebrateswhen evensmallerrorsarecaughtbystaffbeforetheyaffect customers.Tohim,realleadershipisshowninthedetails: themorningreviewmeeting,thestatusupdatedelivered withoutexcuses,andtherespectheextendstocustomers andcolleaguesalike.
Partnership,Capability,andLocalImpact
Emmanuel’sbroadcareerincludesstintsatOracleandHP, shapinghisappreciationforbalancedpartnership.Henever letsAccessBankover-relyonasinglevendor.Instead,he optsforhybridsthatblendglobalexpertisewithlocal dynamism.Hiscontractsinsistonknowledgetransfer, buildinglocalstaffintoexpertsratherthanpassive consumers.
AccessBank,underhisleadership,becomesmorethana bankinginstitution.Itbecomesahubfordeveloping Africa’stechfuture.
Heknowsthattrueprogressisnotimported;itisgrown. Hisfocusontraining,capacitybuilding,andcross-team learningcommunitiessustainsdigitalinnovationevenwhen externalsupportends.
CollaborationinAdversity
AdversityisEmmanuel’scrucible.Teamsunderpressure sometimesfracture-deadlinesslip,andblamecanpoison motivation.Emmanuelrespondsbyreframingevery challengenotasafailure,butasasharedtrial.Helistens deeply,welcomeseveryfrustration,andinspireshispeople topoolideasandsolutions.Theresultisapatternof upgradesandtransformationsthatsucceednotbydictate, butbycollectivewill.
Hisaffablestylemeansheisrespectedforcharacter,not justtitle.Trust,collaboration,andgenuinecareforwellbeingruntothecoreofeverymeetingandeverypolicyhe crafts.
Staffrecallhow,evenamidsthigh-stakesrollouts,hefinds timeforpersonalencouragement,remindingpeopleoftheir
"My deepest sa sfac on comes from seeing new leaders rise and watching trust flourish throughout our organiza on.”
capacitytoovercomechallengesasateam.Hisopen-door approachbecomesthefertilegroundonwhichresilient teamsaregrown.
DesigningforAccessibility
Emmanuel’svisionincludesthoseoftenleftout.He prioritizesinterfacesfortheelderly,ruraldwellers,andlowincomeearners,makingeverytransactionfriendlyand everyfeefair.Byrunningliteracyprogramsand simplifyingsoftware,heensurestechnologydoesn’tdivide; itunites.
Hisleadershipredefinesprogress,insistingthateveryuser experiencereflectsdignity,andeveryoutreachismeasured bylivesimproved,notprofitsmade.
Heworksdirectlywithdesignerstopilotaccessibility features,gatheringstoriesfromuserswhosevoicesare rarelyheard,ensuringinnovationisalwaysrootedin empathy.
ShapingtheYearsAhead
Inthenextdecade,Emmanuelseestechnology transformingAfricanbanking:
• AIforfrauddetectionandfinancialadvice,making servicesmarterandsafer.
• OpenAPIsdrivingricherfintechpartnershipsandrapid innovation.
• Blockchainforhonest,traceabletradeandinstant remittance.
• Cloudcomputingscalingsolutionsandreducingcosts.
• Zero-trustarchitecturesrespondingtotherisingtideof digitalthreats.
Hispreparationisholistic.Changeisnotjustdigital;itis personal,organizational,andcultural.Hetrainsstafftothink differently,invitingeveryteammembertobecomean innovatorandeverymanagertoseeprocessasalivingthing.
Heviewsthefutureasapartnershipbetweentechnologyand humanity,visionandaction.Heinsiststhatno transformationisauthenticunlessitleavesthedooropenfor thenextideaandthenextdreamer.
Recognition,Values,andaLivingLegacy
Emmanuel’sawardsandtitlesarenotjustmilestones.For him,everyrecognitionamplifiestheresponsibilityto mentor,toserve,andtoliftothershigher.Hedelegates strategically,buildingabenchofrisingstarsandexposing histeamstonewhorizons.Hedefinessuccessbytheleaders henurturesandthetrusthebuilds,notonlyacrossAccess Bank,butthroughoutthecontinent.
Hislegacyisseenineverybarrierbrokenandeverynew leaderborn.
Hisdeepestsatisfactioncomesnotfromheadlinesortitles, butfromthehopethathisstorywillinspireaspiringleaders toservenotonlywithintellect,butwithheart.
LightattheCenter
Atsunset,whentheboardroomisquietandthesystemsrun smoothly,Emmanuelreflectsnotonnumbers,butonfaceseverycustomerwhosechallengewassolved,every employeewhodiscoveredhisownpotential,andevery communitywovenintothefabricofAccessBank’sresilient networks.
ForEmmanuel,thetechnologyheshapesisnotanendpoint; itisavesselfordignity,apromisefortomorrow,andacall tobuildbridgeswhereothersseewalls.Inthetidesof changeandtheflowsofcode,hisstoryremindseveryone: progressignitesbrightestwhereheartslead,andinhis journey,Africa’sbankingfuturefindsitsmostfearless architect.
A Framework for Human-Centered DIGITAL TRANSFORMATION
Digitaltransformationisnolongerjustabuzzword, itisthecornerstoneoforganizationalgrowth, competitiveness,andinnovationinthe21st century.However,toooften,organizationsfocussolelyon technologyadoption,neglectingthehumanelementthat ultimatelydeterminesthesuccessofanytransformation initiative.Ahuman-centeredapproachtodigital transformationplacespeople,employees,customers,and stakeholders—attheheartofchange.Thisapproachensures thattechnologyserveshumanneedsratherthandictating them.
Inthisarticle,weexploreacomprehensiveframeworkfor human-centereddigitaltransformation,highlightingthe criticalstepsorganizationscantaketobalance technologicaladvancementwithhumanexperience.
UnderstandingHuman-CenteredDigital Transformation
Atitscore,human-centereddigitaltransformationisabout aligningdigitalinitiativeswiththebehaviors,needs,and expectationsofpeople.Itrecognizesthatwhiledigitaltools andplatformsarepowerful,theirrealvalueemergeswhen theyenhancehumanproductivity,collaboration,and satisfaction.Unliketraditionaltechnology-driven transformation,thisapproachprioritizesempathy,user experience,andadaptability
Byplacinghumansatthecenter,organizationscanavoid thecommonpitfallsofdigitaltransformation,suchas resistancetochange,underutilizedsystems,andemployee burnout.Thisframeworkensuresthattransformationisnot onlyinnovativebutalsosustainableandinclusive.
Step1:EstablishaClearVisionandPurpose
Asuccessfulhuman-centereddigitaltransformationbegins withaclearvision.Leadersmustarticulatewhy transformationisnecessaryandhowitalignswiththe organization’smission.Thisvisionshouldemphasizeboth technologicalgoalsandthehumanimpact,suchas improvingemployeeefficiency,customersatisfaction,or socialresponsibility.
Communicatingthispurposeconsistentlycreatesbuy-in andinspiresstakeholderstoactivelyparticipateinthe changeprocess.Whenpeopleunderstandthe“why”behind digitaltransformation,theyaremorelikelytoembracethe newtoolsandprocessesintroduced.
Step2:ConductEmpathy-DrivenAssessments
Understandingtheneedsandpainpointsofemployeesand customersisessential.Conductingsurveys,focusgroups, anduserinterviewsprovidesinsightsintohowpeople interactwithexistingsystemsandwhatchallengesthey face.
Thisstepensuresthatdigitalsolutionsaredesignedtomeet realneedsratherthantheoreticalones.
Forinstance,deployinganadvancedAIsystemwithout consideringhowemployeeswilladaptcanleadto frustrationandlowadoptionrates.Empathy-driven assessmentsalloworganizationstoanticipatechallenges anddesignsolutionsthatempowerratherthanoverwhelm users.
Step3:DesignwithPeopleinMind
Human-centereddigitaltransformationrequiresdesigning systems,processes,andworkflowsthatenhanceuser experience.Thisinvolvesintuitiveinterfaces,seamless integrations,andpersonalizedsolutionsthatalignwithdaily tasks.Designthinkingmethodologiesareparticularly effective,astheyencourageiterativeprototypinganduser feedbackateverystage.
Apeople-firstdesignapproachalsoconsidersaccessibility andinclusivity.Byensuringthatdigitalsolutionsareusable byeveryone,includingthosewithdisabilitiesorlimited technicalexpertise,organizationsfosterbroader engagementandadoption.
Step4:BuildaCultureofCollaborationandLearning
Technologyalonecannotdrivetransformation. Organizationsmustcultivateaculturewherelearning, collaboration,andexperimentationareencouraged. Employeesshouldbeempoweredtoexplorenewtools, providefeedback,andadapttoevolvingprocesseswithout fearoffailure.
Traininganddevelopmentprogramsarecritical componentsofhuman-centereddigitaltransformation.By equippingemployeeswiththenecessaryskillsand confidence,organizationscreateaworkforcecapableof leveragingdigitaltoolseffectively,leadingtohigher productivityandengagement.
Step5:ImplementIncrementalandIterativeChanges
Ratherthanpursuingaradicaloverhaul,human-centered digitaltransformationthrivesonincrementalchanges. Iterativeimplementationallowsorganizationstotestnew solutions,gatherfeedback,andmakeimprovements continuously.Thisapproachreducesdisruption,buildstrust, anddemonstratestangiblebenefitsearlyinthe transformationjourney
Forexample,rollingoutanewcustomerserviceplatformin phases—startingwithapilotgroup—canrevealusability issuesandworkflowadjustmentsbeforeorganization-wide deployment.Thisiterativeapproachensuresthatdigital transformationevolvesinharmonywithhumanneeds.
Step6:MeasureImpactonHumansandTechnology
Evaluationisacriticalaspectofanytransformation framework.BeyondtraditionalKPIslikesystem performanceorcostsavings,organizationsmustassessthe humanimpact.Metricssuchasemployeesatisfaction, customerengagement,andworkflowefficiencyprovidea holisticviewoftransformationsuccess.
Bytrackingbothhumanandtechnologicaloutcomes, organizationscanmakedata-informeddecisions,refine strategies,andensurethatdigitaltransformationremains people-focusedratherthantechnology-centric.
TheFutureofHuman-CenteredDigitalTransformation
Asorganizationscontinuetoadoptemergingtechnologies suchasAI,cloudcomputing,andIoT,thehuman-centered approachwillbeincreasinglyvital.Businessesthat integrateempathy,designthinking,andcontinuouslearning intotheirtransformationstrategieswillnotonlyachieve operationalexcellencebutalsofosteracultureof innovationandresilience.
Human-centereddigitaltransformationismorethanan operationalinitiative—itisastrategicimperative.By prioritizingpeoplealongsidetechnology,organizationscan createsustainablevalue,enhanceexperiences,anddrive meaningfulchangeinarapidlyevolvingdigitallandscape.
Conclusion
Digitaltransformationistransformativenotjustfor technologybutforthepeoplewhouseit.Ahuman-centered frameworkemphasizesempathy,collaboration,iterative design,andcontinuouslearning,ensuringthat transformationinitiativessucceedinpractice,notjustin theory.Organizationsthatembracethisapproachposition themselvesforlong-termgrowth,innovation,and resilience—wheretechnologyamplifieshumanpotential, ratherthanreplacingit.
Regulatory Frameworks
and Financial Innovation in AFRICAN BANKING
Africanbankingisevolvingatlighteningpace,touchinglivesin majorcitiestosmalltowns.Computersandphonesare revolutionizingthewayindividualsmakemoneytransactions. Savings,borrowing,andpaymenttodayhavebecomesimpler.Itisall bringingalotofindividualswhoneversetfootinabankintotheworld ofmoney
Toensurethatthesechangesaregoodandsafeforall,it'sgoingtobe extremelycrucialtohavegoodregulations.
HowBankingisRedoneinAfrica?
Adecadeago,ifyouvisitedanAfricanbank,youlikelysawplentyof paperwork.Thereweren'tthatmanybranches,either.Nowadays,cell phonesarecapableofdoingallmannerofmoneystuffyounevereven heardof.Digitallendersandmobilewallets(imageappsfilledwith yourcash)aresimplifyingbankingandmakingiteasierandmore convenienttogetinon.
ConsiderthecaseofKenya.TheyhaveM-Pesa,whichcompletely revolutionizedthewayKenyanspayotherthantheconventionalbanks. AndinNigeria,start-upsareconsideringdatatocomeupwithmethods ofpayingindividualsquickerandprovidinginvestmentadvice. RegionslikeSouthAfricaandGhanaarealsodevelopingimproved digitalformsofintegratingtraditionalbankingandemerging technology.
Whatthismeansisthatpeoplenowhaveinstrumentstoleadthemto flourishanddowellforthemselves.
WhyRegulationsareEssential?
Whenyoubeginbringinginnewideas,itbecomesimperativethat therebeguidelinessothatthingsstaystableandequitable.Central banksmustestablishtheguidelinessothatinnovationcanoccurand problemsthatmanifestcanbeaddressed.
Banksareconsideringhowtofundnewproposalsbut wouldprefertomakethemsecureandsafeforcustomers, aswell.Theseproposalswilladdresssignificantissuessuch aslicenses,computersecurity,andcustomerprotectionto servethem.
Goodregulationwillmakebanksmoretrustedandenable bankingtocontributetosocietyingeneral.
HowCanBanksandTechCompaniesCollaborate?
Oneofthelargestreasonsthatbankingishappeningsofast isbecauseestablishedbanksandtechnologyfirmsare collaborating.Banksarecontributingtotheirsolid reputations,builtsystems,andcapital.Technologyfirmsare bringingtheirspeed,innovativeideas,andtechnology expertise.
ThemajorityofbanksinNigeriaarealigningwith technologyfirmstofacilitateonlinepaymentstobeeasy andseamless.ThebanksinSouthAfricaarecontemplating whattheycandowithtechnologytospeeduptransactions andimprovetrading.Thebanksandthetechnologyfirms areimprovingbankingbycomplementingeachother's strengthsthroughcollaboration.
Therule-makersarecreatingspecialtestenvironments wherepeoplecantryoutnewtechnologywithoutgetting intotrouble.Thatwillenableindividualstotinkerwithnew conceptsinasafemanner
IssuesAlongtheWay
Itischallengingtocomeupwiththerightrulesforbanking wheneverythingischangingatsuchafastrate.TheruleestablishersinAfricamustdealwithsomeissues:
Thelawsarenotalwaysequalfromcountrytocountry Computersecurityisbecomingabiggerproblem.Thereare someareasthatarenotverywellconnectedtotheinternet. It'sdifficulttoaccommodatenewideaswhilestillhavingto meetalloftheregulations.
AreasliketheAfricanUnionareattemptingtoimplement similarrulesinallofthecountries.Theyarehopingto establishmoretrustandmakeiteasiertogrow
What'sNextforBanking?
Theregulatorsarealsoconsideringusingtechnologyin ordertomonitorthebankingindustrycloser
Anotherpointtoconsiderisenablingcustomerstoshare theirfinancialdatawithothercompaniessecurely.Thiswill ensurethereismorecompetition,andenablecustomersto handlemoneybetter,italsoallowstechnologycompanies todeviseanddevelopnewideas.
Peoplefocus
Ultimately,bankchangesareaboutservingpeople.Millions ofAfricansarenowbankingontheirphones.
Farmersaretakingloansonlinetoenhancetheirfarms. Womenareusingphoneapplicationstorunandexpand theirbusinesses.Thesearejustbutafewexamplesofthe individualsareusingtechnologytoenhancetheirlevelof living.
Theregulatorswillhavetheirworkcutoutbyprotecting customersandeducatingthemonissuesofmoney This way,allcanpartakeofthedigitaleconomywithoutowing anyoneanyconcern.
WhattheFutureHolds?
ForbankingtoflourishinAfrica,leadersandinnovators muststrikeabalancebetweennewthinkinganddoingthe rightthing.Theymustalsobepreparedandwillingtoadapt todevelopmentsintechnology
Thebestbankinginstitutionwillbeoneinwhichtheones generatingnewideasandtheonessettingtherules collaborateandworkwitheachothertoformtrustand makeindividualsfeelasiftheyareincontrol.
TheBottomLine
ThehistoryofthebankingsectorinAfricaisoneofall peopleunitingandmeetingthechallenge.Itisasignthat withtechnology,soundrules,andafocusonpeople, bankinginAfricacanbemodernandaccessibletoall.
Byadaptingrulestoaccommodatenewconcepts,Africais demonstratingthatitiscapableofextendingand safeguardingindividuals.Theyaresettingthestagefora futureinwhichbankingisavailabletoall.
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