The COVID-19 pandemic is primarily a health crisis and a human tragedy, but it also has far-reaching economic ramifications.
During these uncertain times Africa is using digital finance as a means to stem the spread of COVID-19.
Governments and startups on the continent are implementing measures to shift a greater volume of payment transactions toward mobile money and away from cash — which the World Health Organization flagged as a conduit for the spread of the coronavirus. It’s an option facilitated by the boom in fintech that’s occurred in Africa over the last decade.
For Africa’s economies, the implications of the pandemic far-reaching. A slowdown in overall economic growth is already being felt, and this is acute in hard-hit sectors such as tourism. Many businesses, particularly SMEs, are under significant pressure.
Firm steps from the banking and financial sectors can support African economies overcome the crisis. As engines of growth and development, the banking sector will be key to support African economies and businesses through this unprecedent crisis.
Banks from across the continent will need to show resilience, improve efficiencies and truly capitalise on the power of digital transformation.
This webinar organized by African Banker in partnership with our knowledge partner Backbase, will guide you through some of the steps banks can take to rise to this challenge.
During the webinar we will try and answer the following questions:
- What is the current outlook for the banking and financial sector?
- Lessons learnt from the current pandemic and unfolding consequences?
- Role of banks to support the economy and kickstart growth?
- Role of technology: how can banks adopt a digital transformation strategy to support their clients and the economy?
ORGANIZERS: African Banker magazine and Backbase