BLANTYRE : When Joyce Rejista ran out of money at a music festival she found herself in a familiar fix for villagers across Malawi, needing cash in places where banks and ATMs are scarce.
Since much of Africa's population has limited access to financial services, the continent is one of the world's most attractive banking opportunities as incomes rise. "It can very quickly result in quite a meaningful contribution to the bottom line in the next two to three years."In Malawi, fewer than 170 of every 1,000 adults has deposits in a bank account, whereas nearly 600 have a mobile money account, according to 2019 IMF statistics.
Banks are following their lead. Fisher said Standard Bank would pursue partnerships where they add value but was focused on building Unayo for now. Nevertheless, the bank has now built its own stand-alone product and is planning to launch it in countries including Zambia, Tanzania, Ghana and Uganda in the coming months.While partnerships still dominate, a growing number of banks are pursuing stand-alone strategies on mobile wallets and lending, said Francois Jurd de Girancourt, head of McKinsey's financial institutions practice for Africa
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