Development of Africa’s banking sector in the context of digitalization

Abstract

This article examines the development of the banking sector on the African continent in the context of digitalization. The penetration of digitalization into the banking environment enables African banks to expand their business operations, improve organizational efficiency, and promote financial inclusion. Particular attention is paid to mutually beneficial partnerships between fintech companies and traditional banks. The strategic expansion of the African banking sector in the era of digitalization depends, among other factors, on addressing a number of challenges, including limited digital literacy, a lack of digital skills among staff, unstable Internet access, and the growth of cyber threats.