By BUUMBA CHIMBULUACHIEVING and maintaining universal digital access presents a potential private-sector opportunity of US$1.642 trillion in all emerging markets, such as Zambia.Digital transformation is no longer an option but an imperative, according to DeepPal Singh, Head of Consumer, Private and Business Banking – Zambia and Southern Africa at Standard Chartered Wealth Management.Mr Singh indicated that the global Covid-19 pandemic had shown that digital would be central to interactions with consumers and corporates.“The investment potential in Africa concerning digital access amount to US$74.5 billion, wherein the current access to digital stands at an average of 48 percent.“Therein lies the opportunity for banking institutions,” he said in his OP-ED on the journey to digitisation of a legacy bank.He however acknowledged that the potential opportunity was faced with hurdles that would require a mindset shift.Due to the Covid-19, Mr Singh said, financial sector players were facing business pressures and economic uncertainty, which poses an obstacle for executing […]
DIGITAL ACCESS CAN GARNER HUGE INVESTMENT – STANCHART
