Banks in Nigeria and Ghana will continue to shift from traditional banking operations to digital banking services in 2025 and beyond, Deloitte West Africa has said.
The professional services firm, which stated this in its Sneak Preview of 2025 report, also stated that mobile banking, online platforms, and digital payment solutions will dominate the sector, driven by the high adoption of mobile devices and internet penetration.
Furthermore, the firm predicted that traditional banks will increasingly invest in digitizing their operations to meet consumer demand for convenience and efficiency and to compete more favourably with financial technology firms (fintech).
It, however, warned that the expansion in digital banking services and use of IT infrastructure will continue to expose financial services players to cyber security challenges.
It pointed out that digital banking reduced operational costs, but banks would need to invest heavily in IT infrastructure and cyber security. Similarly, expanded digital banking services across all cadres will improve access to banking for under-served and rural populations, aligning with government financial inclusion goals.
In addition, Deloitte stated that the banking sector is poised for significant growth in 2025. It added that the regulatory increase in capital requirements set by the Central Bank of Nigeria (CBN) will prompt banks to bolster their capital base through equity infusions, mergers, and acquisitions, and this trend is anticipated to persist.
Please follow and like us:
