Technological innovations and disruptions are having a resounding impact on the global financial service industry. The effect of these changes is more visible in emerging markets like Nigeria and West Africa, where, until recently, a large portion of the adult population remained outside of the formal banking system.
With low oil commodity prices and foreign currency shortages affecting the current financial climate in these places, many retail financial institutions are turning to small and medium enterprises (SMEs) and individual retail customers. And to ensure better customer out reach and inclusion and successfully tap into new opportunities, banks are turning to technology-based solutions.
The driving force behind much of the innovation taking place in the financial services industry is digitisation. Many banks have adopted cashless transactions like mobile banking, mobile payments, transfers and remittances, and virtual cards. Innovation has also disrupted legacy systems with new market entrants developing solutions that make it easier to provide retail financial services to the unbanked population, while significantly reducing overhead costs.
Against this backdrop, The Asian Banker is proud to host its West Africa Heads of Retail Annual Round Table. It will gather experts across several fields to explore ideas to modernise financial services in a tight half day dialogue way that will be beneficial to decision makers.
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