The potential of new technologies to transform financial services in Africa has long been heralded. From the sands of the Sahara in the north to the Limpopo river which marks the border with South Africa to the south, economic, political and technological changes are emerging that favour new opportunities for banks.
Giant US corporation Cargill is a good example of the new wave of African corporate investors. The company is active across Africa purchasing and distributing grain and other agricultural products, trading in energy, steel and transport, and raising livestock and producing feed, producing food ingredients, for processed foods and industrial use. It also has a large financial services arm which manages financial risks in the commodity markets. Cargill is working with Barclays to disburse payments such as salaries and grants to its employees, clients and customers through mobile networks in several African countries.
Cargill says it has invested in businesses including cocoa, grain and oilseeds, cotton, food ingredients and animal nutrition that “support African farmers and local agriculture and enable us to provide products and services to customers across the continent and around the world”. In addition, the US corporation says it has partnered with international and local organisations to help improve the education, health and livelihoods of African communities through better access to schools, basic healthcare, clean water and nutrition. READ MORE
Source: www.bankingtech.com
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