By Modupe Gbadeyanka
A platform to ensure there is a stronger payment ecosystem across Africa has taken place in Barcelona, Spain.
Called the African Debit Forum, it was put together MasterCard as part of its Connecting Tomorrow 2018 Forum in Barcelona.
Topics discussed included the strategic role that current accounts and debit cards play in shaping consumer relationships, trends and insights into how African retail banking is evolving, as well as how digital and mobile channels are changing the habits of consumers and what this means for the banking industry.
According to Raghav Prasad, MasterCard’s Division President for Sub-Saharan Africa, “MasterCard remains fully committed to delivering solutions that build inclusive ecosystems and consequently drive a cashless society.”
“The most effective way to ensure the continued evolution of products and services is by forging strong partnerships,” Prasad added.
With an estimated 95 percent of retail transactions still being made in cash in Africa, there remains a great opportunity to drive financial inclusion within the region through innovative technologies, as well as driving debit card adoption and usage.
The continent’s banking industry is the second fastest growing of any global region, with a revenue pool expected to grow further at CAGR 8.7% until 2022. Banking penetration, however, is low with only 300 million banked adults in 2017 (35%), although it is expected to grow to 460 million by 2022 (48%).
“By continuing to partner with market leaders to roll-out relevant debit card solutions and drive consumer education to start using cards for payments at point of sale, we will enable people to move beyond cash,” Prasad concludes.
more recommended stories
Honeywell Flour to Pay 4 kobo Dividend September 30
By Modupe Gbadeyanka Shareholders of Honeywell.
MAN Calls for Uniformity in Petrol Prices
By Adedapo Adesanya The Manufacturers Association.
NNPC Takes Step to End Oil Mining Lease 130 Dispute
By Adedapo Adesanya The Nigeria National.
Jumia Share Price Rises 0.59% as MTN Mulls Exit
By Modupe Gbadeyanka The share price.
Forex Crisis Worsens as Pound Sells for N604
By Adedapo Adesanya The foreign exchange.
Friesland Lifts Unlisted Securities Index by 0.57%
By Adedapo Adesanya FrieslandCampina WAMCO Nigeria.
Oil Futures Close Mixed on Demand Worries
By Adedapo Adesanya Fluctuations marred the.
NSE Sustains Gains by 0.19% Amid Low Trading Activity
By Dipo Olowookere The positive momentum.