39% of African banks commit at least $3 million per year to innovation

A total of 39% of banks in Africa now spend at least $3 million a year on digital transformation and innovation. That’s according to a survey that tracked fintech transformation in the African banking sector. It is mentioned by the site Bitcoinke.io.

From the survey, it can be said that there is now an overwhelming consensus on the critical importance of digital transformation for the future of African banking:

• About 60% described it as the most crucial factor;
• 34% said it was one of their top three priorities;
• Since the last survey, there has also been an increase in the size of the budgets allocated by banks to digital development;
• A whopping 49% of African banks said they had significantly increased the speed of implementation due to the pandemic;
• Nearly 81% of respondents describe themselves as being open to change.

Furthermore, the survey shows that banks were already trying to break out of the traditional model before the pandemic, a trend informed by competition from fintechs and digital players.