The quantum leaps made in payment technology over the past 10 years have transformed every part of the merchant acquiring landscape. Rampant M&A activity, the accelerating shift to ecommerce, and the influx of non-bank fintech players have up-ended tried and trusted business models.

Africa lagged behind the developed world in inclusive finance, but that is rapidly changing as tech hubs spring up across the continent, providing incentives to enterprising start-ups and investors and jobs to talented young workers. The gains are spilling into the wider economy, with tech ecosystems propelling progress and development.

Anyone who owns an old car understands the frustrations of upgrading it to modern standards. The same is true of incumbent banks faced with the requirement to compete with challengers in the digital world while encumbered by legacy infrastructure built for another time. The best tactic is to start fresh with a managed services approach.

Banks have always represented lucrative targets for cybercriminals – after all, as famed pre cyber era bank robber Willie Sutton said, “that’s where the money is.”   A 2019 report from the Federal Reserve Bank of New York found that financial firms experience as many as 300 times more cyber-attacks than other companies, and the threat has only grown over the years.