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The Impact and Benefits of Digital Banking Transformation in Africa

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  • David Mhlanga

    (University of Johannesburg)

Abstract

The emergence of digital banking transformation in Africa represents a significant change in the financial sector of the continent, providing improved inclusiveness, efficiency, and creativity in the face of various economic difficulties. This study examines the significant influence and advantages of the transformation, investigating its role in restructuring the conventional banking industry and serving as a driving force for economic growth and the participation of more people in financial services. Africa’s banking sector may surmount historical obstacles by utilizing digital technologies, thereby delivering accessible, cost-effective, and customized financial services to its diverse population. The article analyzes the obstacles encountered, such as regulatory obstacles and cybersecurity concerns, while emphasizing the potential for digital banking to promote innovation and support economic growth. This study highlights the significant impact of digital banking on promoting financial inclusivity and sustainable economic growth in Africa, based on a thorough analysis.

Suggested Citation

  • David Mhlanga, 2024. "The Impact and Benefits of Digital Banking Transformation in Africa," Africagrowth Agenda, Africagrowth Institute, vol. 21(3), pages 10-14.
    • Handle: RePEc:afj:journ2:v:21:y:2024:i:3:p:10-14
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    File URL: https://journals.co.za/doi/abs/10.10520/ejc-afgrow_v21_n3_a2
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