This year, cloud computing was the most often mentioned technology being used in banking digitisation plans.

25% of surveyed banks identified cloud computing as a significant technology. Artificial intelligence came in a close second.

According to the African Banking Digital Transformation Report, published on the margins of the recently concluded GITEX Africa in Morocco, 25% of responding banks identified cloud computing as a significant technology. Artificial intelligence (AI) came in a close second.

The report, a cooperation between pan-African journal African Banker and banking platform Backbase, provides in-depth insights into the banking sector's digital transformation on the continent.

The report suggests that an expanding African population, projected to reach 2.49 billion by 2050, coupled with the rising prevalence of devices like smartphones, tablets, and mobile phones, now constituting 75% of online traffic in Africa, creates an ideal environment for a surge in digital banking.

The authors of the 2024 African Banking Digital Transformation Report note that 76% of banks consider digital transformation to be their top priority or one of the top three, with the remaining 24% believing it is significant.

“With almost half of the continent unable to access any form of bank account, including approximately 60% of women, this result reflects the opportunity for banks to grow their customer base through an inclusive digital offering,” says the report