Banking / Finance

Digital transformation drives new profits in Middle East and Africa banking

01st Mar `16, 02:29 PM in Banking / Finance

Sharing the honor of being one of the world’s fastest growing banking and capital markets is the Middle…

BDMS
Guest Contributor
 

Sharing the honor of being one of the world’s fastest growing banking and capital markets is the Middle East. , connected populations who seek out more Here, banks are capitalizing on younger and better services from their banks

There are no qualms about it. For banking, Africa and the Middle East represent one of the biggest opportunities of our generation. They are already dynamic markets for personal banking, portfolio management, institutional investment. And they will only get much, much bigger as digital banks, next generation banking, online banking, and other financial services arrive to claim their stake.

But everyone is too comfortable to lump Africa together into one word. Like it was only a country, instead of the being the second largest continent in the world. Africa is a mixture of many cultures and people who have different histories, who have homes in different places, who live different lives. A lot changes between the white stone walls of Tangiers and the dense jungle of the Congo. When the Middle East is added to the conversation, it adds even more levels of complexity. In Qatar and the UAE, the average wealth is well over $100,000. Contrast this with the 75% of people in Africa who have no bank account, and the size of the challenge to operate a bank across Africa grows.

 

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