Banks take the lead in embracing digital payments

Edith Chumba, Head of Retail Banking Kenya and EA, Standard Chartered Bank.

The African continent has witnessed an increase in the use of digital payment platforms as governments disseminate stimulus funds to mitigate the economic impact of the COVID-19 pandemic. This means not just safer, cashless payments to facilitate social distancing during the pandemic—but in the longer-term, it also means a shift towards financial inclusion that could help get economies back on track faster after the crisis.

Notably, the emergence of payment systems that are designed to function seamlessly with mobile devices, in-app methods, or browsers has prompted wide-ranging innovation from banks, digital giants, and FinTechs. According to a research paper published by the Boston Consulting Group (BCG), the volume of digital payments is soaring and by 2020 is likely to approach $5 trillion worldwide.  There is no denying that fintech is one of the fastest-growing emerging sectors globally, employing thousands of people and generating new sources of revenue for economies worldwide.