Five Main Challenges Facing African Banks


In October 2019, during the tenth Africa Forward Together (AFT) forum in Mauritius and spearheaded by Mauritius Commercial Bank (MCB) (https://www.MCB.mu), a special workshop aptly called “Meeting of Minds” session leveraged the insight and brainpower of over 35 C-level and senior banking leaders across the African region and beyond.

The session aimed to identify and prioritise the main challenges faced by their banks in five distinct but interlinked areas that were purposefully scoped to look beyond numbers:

  • Expertise
  • People
  • Operational Efficiency
  • Risk
  • Corporate Sustainability

Further to the “Meeting of Minds” workshop, a report probing into discussions has been published this week by MCB. It identifies five main challenges facing African banks and financial institutions, as follows:

  1. Lack of technical expertise amidst the increased cybersecurity risk
  2. KYC issues hampering financial inclusion
  3. Talent Management, retention and development
  4. Customers’ education and staff skills gap
  5. IT & Digitalisation and Transformation Programme – Expertise

On a maximum rating of 9 points, the experts assessed the following:

Risks:

  • Cybersecurity and lack of experience: 7.1

Sustainable development:

  • The inadequate institutional framework is a burden: 7.1

People:

  • Talent management: 7
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