The number of unbanked African population stands at 28%. However, according to Ecobank report, those who own mobile phones are 80% of the population. Nevertheless, e-wallet and mobile banking keep helping to fill the wide gap. The two offers many alternative payment methods and also savings and lending services. The move has seen financial inclusion grow by 34%. Although many challenges arise mainly related to the financial use of technology.
People should have a positive attitude and approach towards innovation. Both organizations and individuals have been helped to overcome such barriers. They have also improved their businesses by Ecobank. The bank works with small businesses, e-commerce, and consumers. The partnership is via their mobile banking app and various products. The partnership helps them to overcome barriers and improve wider usage.
The African Tech Summit took place on 14th and 15th February in Kigali Rwanda. Head of the UK representative office of Ecobank and Group Research, Dr. Edward George opened the summit. He looked at the increase of disruptive technology in Africa. Moreover, he talked about technology changes that run and transacting businesses. He went ahead and described latest tech and banking innovations. These are helping businesses and individuals to meet the challenges.
The mobile banking system has played a key role in growth in financial inclusion from 2011. There have been 100 million users of e-wallet. African accounts for 57.6% of all mobile wallets worldwide. But the main challenge is to change people’s mindset and open them up for opportunities of digital. This is because many of them believe in going their way is it top executive or market trader.
Disruptive technology is about recognizing these challenges and seeing technology as an enabler. It is also about adapting innovations to the reality on the ground. This is what Ecobank is doing to help individuals and businesses have the digital change. Other speakers who graced the summit included Managing Director of Ecobank Rwanda Kilonzo Zulu Alice. He talked about Ecobank e-commerce and how cashless innovations are influencing SME growth.