Africa Financial Inclusion’s Post

The Digital Banking Conversation in Pakistan: Lessons from the Philippines Talk around digital banks in Pakistan sometimes centers on superficial benefits— like digital onboarding or high-interest savings rates — without capturing the deeper impact they can have. A glance at the Philippines, which recently embraced digital banks as a cornerstone of its financial-inclusion strategy, reveals why these institutions matter far more than their headline features suggest. In the Philippines, digital banks have proven they’re not just about convenience. The ability to apply for and receive loans in minutes, purely via a smartphone, has been a game-changer for individuals and small business owners. No branches, no paperwork — just an app. More importantly, digital banks have dramatically expanded access for underbanked populations, offering first-time accounts and credit lines that boost economic empowerment. The result is a new generation of customers who enjoy immediate, cost-effective, and user-friendly banking services that once seemed out of reach. For Pakistan — where financial inclusion still lags behind regional benchmarks, and cash reliance remains high (with a 34% currency-in-circulation ratio) — digital banks have the potential to rewrite the rules of engagement. By removing geographic and bureaucratic barriers, they can grant individuals and small enterprises unprecedented opportunities to save, borrow, and transact. This is less about eye-catching perks, and more about systematically elevating people’s financial capabilities. If Pakistan wants to close its inclusion gap, the lesson from the Philippines is clear: digital banks, done right, can spark real progress, not just in convenience, but in long-term economic uplift. #digitalbanks #banking #fintech

Digital Banking in Africa: Embrace Technology or Get Left Behind The digital banking landscape in Africa is rapidly evolving, and traditional banks that are hesitant to fully embrace technology risk being left behind. As customer preferences shift towards digital solutions for their banking needs, it’s crucial for traditional banks to adapt and innovate. In a market where competition is fierce and customer expectations are constantly evolving, embracing technology is not just an option—it’s a necessity for survival. By leveraging technology to offer innovative products and services, traditional banks can stay relevant and competitive in the digital age. The success of digital banks and mobile money services like M-Pesa in Africa underscores the importance of embracing technology to meet the needs of today’s customers. From virtual cards to instant loans, digital banking offers unprecedented convenience and accessibility. For traditional banks, the message is clear: Embrace technology or risk being left behind. The future of banking in Africa is digital, and those who fail to adapt will struggle to keep up with the pace of change. ✨ I specialize in connecting financial institutions who need advanced technology with fintech startups who can provide it. #ReviveSales #Digital #Banking #Africa

It’s fantastic to see the level of global investor interest towards digital banking in the Philippines. Fintech News Philippines reports more than US$700 million has been invested by both local and global investors into “standalone” digital banks in the Philippines – indicating robust growth in this emerging industry. As of the end of 2023, the number of digital bank depositors reached 5.9 million, reflecting public engagement and trust. The combination of @Peppermint Bizmoto Inc.’s finance licence and Electronic Money Issuer (EMI) licence means we do everything that a digital bank can do – except pay deposit interest on accounts. Christopher Kain Anthony Kain Neal Cross #PIL #PeppermintInnovation #PeppermintBizmoto #bizmoto #financialinclusion https://lnkd.in/g5ThQvAa

#InTheNews “If Payments Banks are allowed to lend, it will drive financial viability as well as transform the country’s banking activities,” said Anubrata Biswas, MD & CEO of #AirtelPaymentsBank, in a discussion with Alokesh Bhattacharyya, Deputy Managing Editor at Mint. He further added, “As the economic heft of the country and the per capita income increases, consumer needs are going to splinter and emerge in ways that are difficult to predict. This is why we need more banks and bank licenses to cater to the needs.” Read full article here - https://lnkd.in/gNifhBHi #DigitalBank #SafeDigitalAccount #Fintech #FutureOfBanking #Lending #MintBFSI2025 #MintSummit

EXCLUSIVE: "Core Transformation Gone Right" - Rajesh Saxena, Intellect Global Consumer Banking | iGCB and Gerald Gore, NMB Bank Ltd, Zimbabwe in 'The Paytech Magazine' "Many African countries are experiencing a wave of digital transformation in banking. In the face of a growing digital population, competition from challengers and the use of mobile services such as M-Pesa, change is now imperative rather than aspirational. The cost reductions and operational gains that can come from updating core architecture are also too vital to ignore. NMB in Zimbabwe is one such bank embarking on this journey, albeit during a tumultuous time for the country. NMB, a leading bank in the country with over 500,000 clients, was looking to be a refuge for customer finances, as well as provide market leading digital services to other countries too. But it can’t do it alone."   https://lnkd.in/euAPJsrK #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

I love this, a regulator that wants to ‘move with the times’ and then actually does it. South Africa Reserve Bank has announced it will allow fintechs to directly connect to payments infrastructure. The Reserve Bank has opted to design a “fit for purpose” regulatory framework to govern fintechs that mitigates risk to the system while enabling them to do what they do best. Question - if this was the norm worldwide, would we really need formalised, regulated open banking payment initiation? 🤔 #openbanking #payments #innovation #regulation

Bangladesh's lending and digital banking landscape is changing very fast.  Bangladesh Bank has issued licenses to two companies to operate digital banks and a few others are waiting in the pipeline for licenses. This will be a new era in financial inclusion and transactions. Recently a Daily Observer article covered news where the CEO of AGAM International, Shabnam Nida Wazed, highlighted how digital banking has the ability to change the financial inclusion process. She stressed the importance of round-the-clock services, AI utilization, and digital skillsets in ensuring quality services and safeguarding data privacy. The article also cited views of veteran figures of the industry - Hassan O. Rashid - CEO and Managing Director of Prime Bank PLC, Syed Almas Kabir - former president of Bangladesh Association of Software and Information Services (Basis), and Tanvir A Mishuk, CEO of Nagad. Read the full article here- https://lnkd.in/dTUNcFMU #AIinFinance #FinancialInnovation #DigitalBanking #DailyObserver #News #Nagad #Primebank #bank #EmpoweringBangladesh #fintech #AGAMInternational #FinancialInclusion #EconomicGrowth #nanoloans #alternativecredit #creditscoring #Bankable #GrowthEconomies #womenintech #womeninfinance #womeninai #womeninstem #Wales #financialinclusion #innovation #Innovation

African banks are racing to go digital! The 2024 African Digital Banking Report by Backbase and African Banker reveals that 76% of banks in Africa rank digital transformation among their top 3 goals, and 60% are already making significant progress.📈 Read the full article below. Connecting Africa News, Paula Gilbert, 💯 Imran Sumra #digitaltransformation #banking #finance

Global Neobank Fingular Among First to Expand into Bangladesh to Achieve Historic Breakthrough in Financial Inclusion, Eyes Digital Bank License Maxim Chernuschenko, CEO of Fingular, stated “With one of the world’s largest populations of over 170 million people and one of the fastest growing economies in the world, maintaining a GDP growth rate of over 7% after the global pandemic, Bangladesh is certainly one of the most attractive markets for financial services in the long term. We are honored to be among the first to enter this promising market and look forward to bringing the best practices of financial industry, both globally and from South Asia, where we are already present in Sri Lanka and India, to such an exciting market.” https://lnkd.in/ebqBprtS Melda Yunita Panjaitan Dmitry Pitetsky Yaroslav Burlak Angelina Savitskaya   #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

As of the end of 2023, the number of digital bank depositors reached 5.9 million, reflecting increased public engagement and trust. -with GoTyme Bank Maya Tonik UNO Digital Bank UnionDigital Bank https://lnkd.in/g5ThQvAa #fintech #digitalbanking #investment #banking #payments