Africa’s banking sector has continued to evolve over the past few years with many banks entering the market as the continent become more and more mobile-ready. According to GF Mag, “Ecobank is working with Mastercard to introduce Masterpass QR, a mobile payment solution expected to reach 100 million new customers across 33 African countries by 2020. This solution will make it easier and cheaper for SMEs to receive electronic payments.” This will focus on small firms and allow for a new wave of businesses to have easier access to capital to grow their ideas.
For larger, multinational companies located in Africa, establishing a banking system that works for them is a bit more far-reaching. “South Africa was once the hub for centralized finance operations, but companies now also look to Ethiopia, Kenya and Mozambique.” This is important because it will allow global operations to expand throughout the continent and connect with potential clients outside of the southern African region.
The key for both small and large firms is the “implementation of a harmonized, real-time payment-and-settlement system.” Starting in the southern areas the goal again is to prepare for the mobile readiness of the continent and offer a potential customer base for banks and global corporations looking to Africa for future revenue.