Africa Rise And Shine

Banks on the continent presented their yearly results in late March 2021 and the impact of the Covid-19 pandemic affected the whole industry equally, as expected. Across the board, headline earnings were down, profits took a big hit and the overall outlook remained negative. However, not everything was bad news. Looking in more detail, a bigger trend is taking shape. Several Banks reported double-digit growth on digital active users, digital money transactions and internet-banking services uptake. Moreover, small and medium enterprises across the continent went digital, strengthening banks' digital SME revenue streams. To find out more on this, Lulu Gaboo spoke to Cornel Dixon, Head of Middle East and Africa at Backbase.