Africa’s banks reacted well to Covid-19 — long may it continue
A fast-tracked move to digitalisation, and understanding that banks and their customers' behaviours are irrevisibly changed, means there is no time for banking to drop the ball now
As Africa’s banks react to the impact of the Covid-19 pandemic, they are forced to reassess their operating models and priorities to position themselves to not just manage the outcomes of the crisis, but also the fundamental structural changes emanating from it. Lengthy lockdowns introduced to stop the spread of the coronavirus have brought economic hardship to countries around the world.
Africa is no exception. Economies across the continent face record contractions as governments battle falling revenues, rising expenditure and debt distress. The International Monetary Fund (IMF) predicts Sub-Saharan Africa growth of -1.6% for 2020 — Africa’s worst performance on record and a 5.2% drop from the pre-coronavirus growth prediction for the region...
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