The banking sector across Africa is undergoing a significant digital revolution, driven by a growing population, expected to reach 2.49 billion by 2050, and an increase in the use of smartphones and tablets, which now account for 75% of web traffic on the continent. This digital shift promises numerous benefits such as speed, convenience, and better user data, enabling banks to offer more tailored solutions to their clients. The 2024 African Banking Digital Transformation Report highlights that 76% of banks prioritize digital transformation as their top priority or among the top three, indicating a strong commitment to leveraging digital technology to expand their customer base, especially considering that nearly half of the population, including around 60% of women, lack access to any form of bank account.

Incorporating cloud computing has emerged as the most cited technology in digitisation strategies this year, surpassing Artificial Intelligence, and Cybersecurity & Resilience, which were the primary drivers in 2023. This shift can be attributed to the advancing sophistication of AI solutions, which now integrate into various technology areas, including Cybersecurity. The focus on cloud computing signifies a strategic move by African banks to enhance their digital infrastructure and support more inclusive and comprehensive banking services.

Access the African Digital Banking Transformation Report 2024 and get insights into the current digital banking trends, key innovations, and digital transformation progress in Africa