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The Microsoft Azure Business Lead in charge of the Africa Regional Cluster, Chukwuma Okpaka, says the organisation has resolved to help financial institutions grow responsibly and deepen their customer relationships by delivering differentiated customer experiences.

That, he said, was by modernising payments and core systems, managing risk and improving risk modelling, combatting financial crime and empowering employees.

Mr Okpaka said that in a keynote presentation at the Connected Banking Summit in Accra.

Inclusion

“Microsoft supports financial inclusion by providing the various platforms required to make it easier to attract, capture and retain customers. From internet banking solutions to the necessary back-end solutions that provide productivity tools for employees, Microsoft provides a seamless engagement with customers,” he explained in a statement issued in Accra.

According to the statement, the digital revolution was changing how banking was done, adding that every bank was eager to evolve, using secure and compliant technology to fundamentally reimagine their business.

Investment

“A report by McKinsey notes that African fintech is emerging as a hotbed for investment, with average deal sizes growing and the proportion of fintech funding in Africa increasing over the past year, bringing jobs and growth to African economies.

“Ghana and francophone West Africa are expected to show the fastest growth in financial services, at 15 and 13 per cent per annum respectively until 2025. It’s notable that all of Africa’s ‘unicorns’, with the exception of e-commerce company Jumia, are in the fintech sector, and almost all are headquartered in West Africa,” it said.

Transforming the financial services landscape in Africa, it said, was a key focus to drive economic prosperity continent-wide and that “Microsoft and its partner ecosystem help organisations to streamline core systems, reduce costs and risk, while delighting customers and employees alike to spur sustainable growth”.

Digital-forward

The statement said the COVID-19 pandemic was a catalyst for change and shifting business priorities and accelerated existing trends towards digitalization, adding that “The rise in adoption of digital banking products during the pandemic has driven banks to expedite their digital transformation agendas as more customers leverage digital engagement channels. Digital-forward banks are leading the way when it comes to investing in digital