Crown Agents Bank’s Head of Client Coverage and Markets speaks to Financial IT on the Innovation of Payments Systems in Sub-Saharan Africa

Published // 17th September 2020

Crown Agents Bank’s Head of Client Coverage and Markets, David Bee, spoke to Financial IT on the enormous potential of the payments ecosystem in Sub-Saharan Africa and what’s next for Crown Agents Bank.

When asked about the trends in the financial services industry in Sub-Saharan Africa, David highlighted the region as being among the world’s fastest-growing, both economically and technologically. In the past few years, mobile phone penetration in the region has become world-leading in terms of adoption and volume, with 84% of the population predicted to have access to a SIM connection by 2025. It is no wonder then that the rapid penetration of mobile phones has contributed to the fast rise of mobile banking in Sub-Saharan Africa and, in reaction to this, growing interest in the region’s fintech scene.

Touching on the opportunities and challenges the bank has faced during the global pandemic, David explained that the most important role we have played so far during these troubling times has been to continue providing tailored support, services and settlement as usual. Ensuring our clients have access to liquidity and that payment corridors stay open is crucial.

On Crown Agents Bank’s future, David told Financial IT that our ambition is to become an FX and digital payments powerhouse and you can expect to see us continuing to expand our partnerships, currency capabilities and technology offering in the months and years to come.

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