Huawei announced its ‘Non Stop Banking’ initiative. Unveiled at the Huawei Intelligent Finance Summit for Africa 2023, the initiative calls for hand-in-hand collaboration between the ICT and banking industries and facilitate a digital future of ‘non-stop’ services, ‘non-stop’ development, and ‘non-stop’ innovation.
In a keynote speech announcing the initiative, Leo Chen, president of Huawei Sub-Saharan Africa Region spoke about why going digital has become such a major imperative for the banking industry. Not only does it make it easier for banks to broaden their customer base, he said, it also saves operational costs, allows them to develop new products, and deepen the customer relationship, thus generating revenues for banks.
In Africa, he added, there’s an even greater imperative for banks to embrace digitization, as it allows for greater financial inclusion. While Chen lauded the innovative work done by many African banks in embracing digitization, he pointed out that all players in the industry need to go further if they’re to embrace the ‘non-stop’ approach that will characterise the future of banking.