Genesis worked closely with a leading retail bank to explore the evolving payments landscape in Africa to identify strategic and investment priorities for a leading regional bank.
The analysis considered changes in each payment channel at a regional and global level and the implications for the bank and developed a framework for investment prioritisation.
In particular, African markets are being disrupted by mobile money services offered by mobile network operators and there are many questions about the future use and viability of traditional banking payment channels such as cards and EFT.
At the same time regulators are driving investments in the modernisation of the real-time payment networks and launching rapid or instant payment services. At the wholesale level, tried and tested mechanism such as Swift are being upgraded and increasingly looking to offer integrations that support real-time cross-border payments.
Working with the client, Genesis identified the different trends in each region and outlined how the different payment services are evolving. We identified the key investments that the bank should target in developing a future-proof payment strategy for each of its client segments.