A Mckinsey report shows that customer acquisition costs in Africa are higher than revenues per customer. And the Global Findex report from World Bank shows that sub-Saharan Africa has only 55 per cent adults in the formal banking system (the global average is 76 per cent)? Is digital banking there inclusive for all age-groups and demographics?
It is important to note that there is no 'one-size-fitsall' approach when it comes to some of the unique Pan-African issues we face. Simply stated, issues and opportunities vary from market to market. For example, if one considers the complexity of the South African situation, it remains one of the most unequal countries on Earth - for some segments of society using technology to transact conveniently is nonnegotiable. For others, there is no substitute for the tangibility of cash.
Broadly across the continent, a lot of ground needs to be covered in creating a universal and inclusive banking system. Financial institutions have a lot of work to do in order to build on the progress made thus far, which has led to 49 per cent of our African population joining the formal banking sector between 2011 and 2022. Digital solutions are critical in enhancing financial accessibility; however, challenges still persist across the countries with differing levels of infrastructure development, including internet and mobile phone networks and ultimately connectivity. These factors have contributed to what we are seeing in terms of the differing levels of acceptance of digital banking across Africa. One has to realise that the factors influencing differing levels of acceptance of digital banking across Africa are not just complex but are also interconnected. Infrastructure quality, economic conditions, regulatory frameworks, financial literacy, cultural attitudes and market dynamics - all shape the distinct banking environments in the countries and digital adoption.
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