New Council to propel the future of retail banking across Africa
CAPE TOWN, June 2015: A new pan–African organisation was formed on 9 June, when banking and finance executives from 14 different countries joined forces to establish the Retail Banking Councils for Africa (RBCA) in Cape Town, South Africa.
The RBCA will issue guidelines for best practice to promote retail banking, payment cards, electronic payments and mobile–enabled financial services in Africa at a time when African banks are uniquely positioned to leverage the emergent economic and demographic fundamentals in Africa to better serve the needs of the continent's one billion people.
The RBCA has formed an Advisory Board, drawn from the membership of the Councils, which will guide the Councils. It will also co–operate with and provide feedback to central banks on behalf of the RBCA membership.
At the launch of Retail Banking Councils for Africa, chairman of the Councils, Michael Lafferty, said, "The RBCA has been established to provide a forum for progress of retail banking and financial services in Africa. The Councils serve their members by influencing positive change in every member organisation. The aim is to improve customer service and build sustainable retail banks and financial services providers with long–term credibility that position Africa as a leading player globally".
Patrick Akinwuntan, group executive at Ecobank Group and chairman of the Advisory Board, stated: "We must develop the future retail bank today. By examining best practice across the globe, local knowledge of Africa and working more closely with regulators, we can develop a road map for retail banking that deepens financial inclusion in Africa, supports our growing economies and provides improved customer service in a profitable and sustainable manner."
The RBCA will meet formally at six–monthly intervals, with the next meeting due to take place in Cape Town in November alongside Lafferty's International Councils. The first three meetings of 2016–17 are planned to take place in Nigeria, Egypt and Kenya.
The Councils are facilitated by Lafferty Group, a major provider of knowledge and market intelligence services to the retail banking, cards and payments industries worldwide.
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