Rather than try to play catch-up with international banks, local players should tend their own garden and make a big push for easier payments, digital solutions and maybe even come up with innovative approaches specifically tailored for the African market. players must step up and continue the task of bringing modern, resilient financial services to the people of Africa.
The opportunity is not limited to traditional banks but offers the chance for homegrown players in all corners of the financial world to rise to the occasion. But there is still a major obstacle to elevating the African financial world. The lack of proper payment infrastructure, a topic often overlooked, is in fact at the very centre of all plans for African finance. In 2023, 3.3 million new bank accounts were opened in Morocco. With more than 36 million accounts in total, and more than half of the adult population enjoying banking services, Morocco isthe efforts to expand access to banking in Africa. Many of the first-time clients were either young or female, or both, a clear sign that financial institutions are finding success away from their traditional demographic. These numbers are among the reasons why, despite the mass exodus of international banks in recent years, the African banking scene has reason to be hopeful. It’s not only Morocco, either. Invigorating stories coming from the world of African fintech and mobile pay in recent years show us that true homegrown success is possible across the continent. In fact, it can be said that Africans would be better served by local financial institutions than international one
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