OPINION EDITORIAL
Think exponentially, not incrementally: How the rules of the game are changing in Africa’s banking sector
by Sunil Kaushal, CEO, Africa & Middle East at Standard Chartered Bank.
DUBAI, United Arab Emirates, October 17, 2018/ -- Think exponentially, not incrementally: How the rules of the game are changing in Africa’s banking sector
Sunil Kaushal, CEO, Africa & Middle East at Standard Chartered Bank.
An abundance of opportunities
We are fortunate to witness a period of monumental progress in Africa. The changes are visible across all sectors. African start-ups have raised a record breaking $560 million in 2017, an increase of 53% from the previous year. African governments have welcomed technology into the continent, hoping to inspire a revolution across all industries and sectors. Some of the brightest minds are determined to rewrite the rules of the game by harnessing technology to tackle some of the continents greatest challenges – with one of them being the distinct lack of access to banking services for large parts of the population. Only 4 years ago, an astounding 66% of Sub-Saharan Africans (http://bit.ly/2PDboRb) did not have a bank account. Now, Africa has been described as a “leapfrogger” with the application of a technology driven economic model to reach the unbanked.