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Stanbic Bank Kenya CEO on banking beyond the region
The future of banking is touted to be regional in the rat race to diversify and attract new revenue streams. CNBC Africa had an exclusive interview with Charles Mudiwa CEO Stanbic Bank Kenya who is poised to exit the bank after an illustrious career in banking. We began by asking him how the banking space has evolved in the wake of disruptions with digital banking shaking things up.
Mon, 21 Nov 2022 15:06:50 GMT
Disclaimer: The following content is generated automatically by a GPT AI and may not be accurate. To verify the details, please watch the video
AI Generated Summary
- Regional expansion and digital transformation are reshaping the future of African banking.
- Stanbic Bank Kenya has recorded stellar performance in cost management, profitability growth, and market share improvement.
- Key risks facing the banking sector include cyber risks, credit management, talent acquisition, and global market instability.
The future of banking is being reshaped by regional expansion and digital transformation, as banks aim to diversify and tap into new revenue streams. CNBC Africa recently had an exclusive interview with Charles Mudiwa, the CEO of Stanbic Bank Kenya, who is set to exit the bank after a successful career in the banking sector. Mudiwa shared valuable insights on how the banking landscape has evolved amidst disruptions, particularly highlighting the impact of digital banking on the industry. The interview shed light on key areas of stellar performance for Stanbic Bank Kenya, including cost management, profitability growth, market share improvement, and digital initiatives like the groundbreaking 'borderless banking' concept. Mudiwa also discussed the significant risks facing the banking sector in the coming years, such as cyber risks, credit management, talent acquisition, and global market instability. With a regional focus, Mudiwa emphasized the importance of African banks expanding their presence across the continent to compete globally and leverage the opportunities presented by the African Continental Free Trade Agreement (AfCFTA). He pointed to Ethiopia as a key market for future growth and predicted a trend of African banks consolidating their regional positions. Mudiwa envisioned a banking sector where physical branches evolve into 'fidgetal' branches, blending physical and digital elements to enhance customer experience and build lasting relationships. As Mudiwa prepares to transition to a new chapter, he reflected on the impactful projects and relationships he has nurtured during his tenure and expressed optimism about continuing to contribute to Africa's economic growth in his future endeavors.
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