Africa’s banks find a core remit

Some of Africa’s largest banks, as well as its budding fintech firms, are building up their remittance offerings. It is an area largely deserted by global banks wary of regulatory risk, but one that is crucial to the region’s economic future.

Greg Davis, the chief financial officer of Ecobank, is multitasking in front of Euromoney – to prove a point. Even as he is discussing the African bank’s efforts to expand its international remittance offering through the use of new technology, Davis is thumbing away at his smartphone. 

“I can sit here in Washington DC and send my wife back in Togo money from England,” he says, on the sidelines of the World Bank and IMF annual meetings late last year.

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