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Ecobank says tech hubs key to financial inclusion

ECO

An Ecobank outlet in Thika. FILE PHOTO | NMG

The increase in tech hubs in Nairobi and other African capitals is likely to promote the generation of products that offer commercial mobile phone-based solutions to the continent’s problems.

According to a study by pan-African bank group Ecobank, Kenya’s mobile money revolution presents a major solution on enhancing financial inclusion across Africa.

The study showed that Kenyans had perfected the use of mobile money in paying for goods and services.

Ecobank Group research head Edward George said banks did not have a choice but to move fast into the mobile money space to maintain their grip on their market and create a new avenue to woo the tech-savvy young population.

READ: Kenya tops digital, financial inclusion

“The digital world moves apace and so must we. Our regional market analysis, expert local knowledge of 41 African markets gives us three trends that are strong evidence that Africa has weathered the storms of late (technology adoption) and is very much on track for improved growth in 2018,” he said.

Mr George said the proliferation of tech hubs in the continent notably in Kenya, South Africa, Rwanda, Nigeria, Ghana and Côte d’Ivoire was the best way to generate innovative products that offer commercial mobile solutions to African problems.