Navigating the changing landscape of banking in Africa

In the ever-evolving landscape of banking in Africa, institutions are facing a myriad of challenges and opportunities. The banking sector has experienced a significant transformation driven by technological advancements, shifting consumer preferences, and regulatory changes. As the CEO and Executive Director of Bank One Limited, Mark Watkinson, and Kihara Maina, Regional Chief Executive Officer at I&M Bank Group, discussed in a recent CNBC Africa interview, navigating this changing landscape requires adaptability, diversification, and a strong focus on cybersecurity. One of the key themes that emerged from the interview was the importance of leveraging technology to drive growth while ensuring the security of clients' information.Both Bank One Limited and I&M Bank Group highlighted their commitment to innovation and resilience in the face of emerging cyber threats. Both institutions have been at the forefront of embracing digital technologies to enhance customer experience and operational efficiency. Mark Watkinson emphasized the importance of understanding and adapting to the diverse markets in sub-Saharan Africa, where each country presents unique opportunities and challenges. Bank One's multicultural team of 11 nationalities enables the institution to better serve its customers by understanding their needs and market dynamics. Watkinson also highlighted the significant population growth projected in sub-Saharan Africa, emphasizing the opportunities for growth and expansion in the region Over the years, I&M Bank Group has demonstrated a strong track record of innovation and diversification across multiple markets in Africa, including Kenya, Mauritius, Tanzania, Rwanda, and Uganda. By tapping into the diverse talent pool across these regions, the bank has been able to innovate and customize its services to meet the needs of different customer segments. Kihara Maina underscored the importance of understanding the social and economic priorities of each country to support inclusive growth and development. Key to their success has been the focus on building strong relationships with stakeholders and delivering value across all business segments. One of the critical challenges facing banks in Africa is cybersecurity. As digital technologies continue to reshape the banking industry, institutions must prioritize cybersecurity to protect client information and maintain trust. Both Bank One Limited and I&M Bank Group have made significant investments in cybersecurity measures to enhance their resilience against evolving cyber threats. By integrating cybersecurity into their strategic focus, the banks are able to provide a secure environment for customers to transact and grow their businesses. The strategic focus of Bank One Limited and I&M Bank Group is centered around scalability and partnership. Bank One's collaboration with I&M Bank Group enables them to leverage each other's strengths and expand their reach across different markets in Africa. By working together, the institutions can deliver a more comprehensive suite of financial services to their customers and create value for their stakeholders. As the banking sector in Africa continues to evolve, institutions like Bank One Limited and I&M Bank Group are at the forefront of driving innovation, growth, and financial inclusion in the region. By embracing technology, diversifying their offerings, and prioritizing cybersecurity, these banks are well-positioned to navigate the changing landscape of banking in Africa and deliver value to their customers and stakeholders.