Survey Results: Savings and Retail Banking in Africa
Based on a survey of 34 WSBI Africa institutions in 2018, the 50-page report by WSBI’s Scale2Save Programme, a partnership between WSBI and Mastercard Foundation, finds that member banks offer a variety of transaction and savings accounts as part of their drive to attract and satisfy customers. But it also found their product and service mix still falls short of customer needs. That shortfall could decrease account activity and hamper take-up by potential customers. If this persists, banks surveyed could face weak financial performances.
WSBI Programme Director Ian Radcliffe said: “WSBI banks offer a broad service, which shows a real commitment to widening financial access to low-income people, especially when it comes to women and those in rural areas. Reform of bank business models, for example through greater customer-focused bank leadership and culture, would improve the customer experience when opening an account and actually using it. Doing so would allow banks to satisfy customers more, which would lead to more sustainable services from the banks themselves.”