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Q&A with Arunda Benjamin

Updated: Jul 20, 2023

Exclusive Trusted Magazine Q&A with Arunda Benjamin, Expert et consultant leader en blockchain en Afrique l Conférencier Blockchain/Fintech/De-Fi l BBC World News

How could you describe your career path in few words?

I am one of Africa’s leading Blockchain Experts and Consultants with over five years of experience consulting for banks, NGOs, government agencies, law firms, and startups across Africa, the Middle East, and Asia. I am also the founder of Chainadvise Blockchain Advisory Ltd, a leading blockchain consulting firm based in Nairobi.

What are the highlights of banking transformations in 2022? can you give us some major examples?

  1. Mobile banking and digital wallets: In many African countries, mobile banking has seen rapid adoption, allowing millions of people to access banking services who previously lacked access to traditional banking systems. Examples include M-Pesa in Kenya, MTN Mobile Money in West Africa, and EcoCash in Zimbabwe. In 2022, Mpesa registered more subscribers and agents; and more banks introduced or expanded their agency banking, mobile banking, and internet banking.

  2. Fintech startups: The growth of fintech startups has been a major driver of financial innovation in Africa. Companies like Flutterwave (Nigeria), Kotani Pay (Kenya), Paystack (Nigeria), and Tala (Kenya) have been instrumental in offering alternative financial solutions to consumers and businesses across the continent.

  3. Digital banks and neo banks: New digital banks are emerging to cater to the growing demand for convenient, technology-driven banking services. Examples include Kuda Bank in Nigeria and TymeBank in South Africa.

  4. Regulatory changes: Central banks and other regulatory bodies are working to adapt their policies to support the growth of digital banking and fintech. For instance, the Central Bank of Nigeria has released guidelines for Payment Service Banks (PSBs), which aim to support the growth of digital financial services.

In your opinion, what are the transformation axes that are becoming more important for banks in the context of 2023?

Banking, as we know it, is being disrupted on multiple fronts. Technological transformation, changing customer behaviours, and dynamic regulatory environments in the face of growing fintech, crypto, and money laundering. Banks should focus on making customer acquisition simpler, customer service and retention more efficient, and allow interaction of multiple banking channels.

Based on your recent experiences, and if you have one piece of advice to give for the success of transformation projects, what would it be?

My advice would be for project leaders and teams to be agile, particularly in the area of digital transformation to ensure they maximize the potential of emerging technologies to increase revenues, maximize data, reduce costs, and increase efficiencies.

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