The Destination: One African, One Bank Account, for All African Countries.

The Destination: One African, One Bank Account, for All African Countries.

Preparing for tomorrow’s talk on banking transformation in Africa. I began with perception banking here. I will add a little more context in my thesis below.

How do you do Perception Banking? [Video]

Information Technology delivered Banking 2.0 in Nigeria when new generation banks in early 1990s used IT to bring production efficiencies and productivity in the banking sector, disrupting the incumbents. Internet will deliver Application Banking beginning 2022 by fusion of immersive connectivity and data. Banking 2.0 produced the unification of bank branches where operating account becomes agnostic of the specific branch an account was opened.

Application Banking will push towards unification of disparate banking ordinances across national boundaries at technology layer, not political. I believe that any African needs just ONE bank account to do trade and participate in commerce in all African countries. Yes, one account, unbounded by geography and agnostic of currency. Making that happen will be perception demand outcome of the application banking.

Application Banking will deliver many elements of Perception demand in banking. It will do to Banking 2.0 what it did to old generation banking institutions: disruption. Sure – those Banking 2.0 are not waiting to be devoured – they are competing.

LinkedIn Comment on Feed

Hmmm… but given the existence of multiple currencies, modeled around national boundaries, how would the settlement of the cross-border flow of funds happen? Tokenisation?

My Response: Application banking era will solve those issues at “technology layer” with no need to have any political harmonization which has been hopeless. Give the compliance book, all elements will be on codes. Today’s rules will stay but technology will hide them out of the views of users.

“Technology Layer”… Prof, are you avoiding using the ‘B’ and ‘C’ words? (lol)

There are many paths to it – this is just starting.  I focus on the core elements without being tied to any brand. But do not think deep into it – WhatsApp could be the largest bank in Africa by 2030. The Application Banking does not mean banks are going to anchor that era. It is a shift and if you see the trajectories,


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