4 Challenger Banks leading the digital transformation in the African region
By Edlyn Cardoza
The digital revolution that has been revamping global industries has reached the realm of banking. Newer generations prefer convenience and ease of use, and traditional banking does not offer it. The tug of war between the established players of today and the neo-challengers of tomorrow will be won by those adopting fast, customer-centric Digital Banking technologies.
Neobanks and challenger banks are well positioned to meet digital challenges and garner the benefits of the new digital economy. As the market transforms, they are shaking up the traditional branch-based banking systems and pushing the industry to become more agile and competitive.
Here are 4 challenger banks leading the digital transformation in the African region:
Carbon empowers individuals with access to credit, simple payment solutions, high-yield investment opportunities, and easy-to-use tools for personal financial management. Carbon is headquartered in Lagos, Nigeria; they are a global company with over 90 employees with operations in Nigeria, Ghana, and Kenya.
Kuda is a full-service digital-only bank with a banking license. Kuda is designed for your smartphone, free of ridiculous charges, and great at helping you budget, spend smartly and save more. Kuda includes tools for tracking your spending habits, saving more, and making the right money moves.
TymeBank’s majority shareholder is African Rainbow Capital, a wholly black-owned and controlled investment company, making TymeBank the first majority black-owned retail bank in South Africa. They have designed their products, services, and tools to help individuals, businesses, and communities achieve everything they’re capable of. TymeBank helps customers understand how money works and gives them a transparent view of their financial situation.
They are the pioneer of Africa’s first fully digital bank ALAT and one of Nigeria’s most resilient banks. Wema Bank oﬀers retail and SME banking, corporate banking, treasury, trade, and financial advisory services to their ever-expanding clients. With over 73 years in the business of banking, they have remained innovative in delivering value to all our stakeholders. Wema Bank is a proud partner to over one million individuals, families, and businesses across Nigeria, helping them achieve their personal and financial goals.
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