The banking landscape in Nigeria, South Africa, Kenya, Morocco, Egypt and other parts of Africa is fast changing as 76 per cent of the operators rank digital transformation as either their top priority or among the top three focuses while about 60 per cent have digitally transformed most of their operations.
The 2024 edition of the African Banking Digital Transformation Report published by pan-African publication African Banker and Backbase, creators of The Engagement Banking Platform revealed this.
The report observed that expenditure on digitisation does not appear to be rising, while banks report mixed results in the outcome of their transformation strategies. “The apparent fall in the importance of digitalisation for some banks may simply reflect the fact that they were yet to launch planned digital platforms last year but have now done so, making them a little more relaxed about the process,” the authors of the report explained.
The report revealed that cloud computing was the most cited technology being incorporated into digitisation strategies, accounting for 25 per cent of all replies. In the report, Ecobank Group Chief Digital Officer, Nvalaye Kourouma, who was interviewed in the report, said he sees AI as a game-changer, both internally and externally, because AI-powered tools help overcome language barriers for engaging customers in different countries.
On February 11, 2023, 14 days before Nigeria’s presidential election, former aviation minister Femi Fani-Kayode wrote a tweet that appeared to question whether the country was about to experience another coup d’etat attempt.According to the World Bank, Nigeria had about 174 individual flare sites as of 2022. Late last year, the Nigerian Upstream Petroleum Regulatory Commission, through the Nigerian Gas Flare Commercialisation Programme , awarded 49 flaring gas sites for gas commercialisation.
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