African banks are empowering clients with greater access to real-time data and greater control over their cash.
A fragmented regulatory environment, uneven access to financial services, a shallow pool of readily available funds, and currency controls and limitations in some African markets can lead to trapped cash. This diversity of problems challenges companies to manage their cash flow effectively, elevating the need for data insights on cash flows to create more-accurate forecasts; requiring integration from local banking partners to deliver treasury solutions.
Standard Bank, this year’s Best Bank for Transaction Banking, has been enabling corporate clients’ capabilities on its OneHub business platform. The bank has been developing frictionless payment experiences through integration of payment features within client apps, platforms, and software. The adoption of artificial intelligence (AI), machine learning, cloud-based computing, and application programming interface (API) integration are all helping Standard Bank provide value-added services to its clients.
“In the fast-paced business environment of today, corporate banking clients need payment solutions that are fast, efficient, reliable and secure,” says Kent Marais, head of Payments and Cash Management, Transaction Banking. “These clients require solutions that can adapt quickly to their changing needs and offer greater visibility and control over payment flows. A modern and agile technology stack that is modular, API driven, cloud ready and utilizes data and AI is imperative to meeting client needs and remaining competitive.”
Ecobank Transnational is a triple winner this year, as Best Bank for Cash Management, for Best Corporate Cross-Border Payments Solution, and as Best Bank for Payments. The bank has seen usage of its Omni Plus, a cash management platform for corporate and investment banking, grow 10% from the previous year as African corporates and small to midsize enterprises look for cash-management transparency, visibility, and controls.
Through the Business Online platform of our winner as Best Bank for Collections, CIB, clients gain access to a wealth of relevant information. This includes incoming payments, cash deposits, and cleared checks against their accounts. Being able to monitor everything not only simplifies reconciliation but also enhances management of accounts receivable. The CIB CashConcentration module caters to businesses seeking real-time insights into cash deposits. Integrated into the Teller Core system, it offers a tailored solution for reconciliation purposes, providing clients with granular details about cash deposits credited to their accounts.
Bank ABC takes the award as Best Bank for Long-Term Liquidity Management. The bank is fast developing its cash management position in the Middle East and North Africa region. The completed merger with Blom allows Bank ABC to combine their strengths while tripling its market share in Egypt and extending innovation capabilities to serve a larger regional customer base.
CI Capital Asset Management wins as Best Provider of Short-Term Investments/Money Market Funds. CI Capital’s money market fund portfolio contains Egypt’s only foreign currency-denominated funds—Banque Misr Money Market Fund (in US dollars) and Banque Misr Money Market Fund (in euros). It also boasts Egypt’s largest money market fund, Banque Misr Money Market Fund (in Egyptian pounds), currently standing at 29.7 billion Egyptian pounds (about $618.7 million). CI Capital’s portfolio also contains the first fintech-enabled money market fund, the Fawry Yawmy money market fund, which is available through more than 300,000 points of sale (POS) for retail investors. The fund promotes financial inclusion through a low entry minimum (EGP500), and can be redeemed daily, 24/7, through vegetable sellers, pharmacies, kiosks, supermarkets, gas stations, and any other outlets that have a Fawry POS machine. Africa boasts seemingly unlimited resource potential, not least because of its supplies of renewable energy; but a complex and varied economic landscape requires deft navigation. A specialist banking partner will help provide and support an effective treasury model to help make the most of the opportunities.
| Africa | |
|---|---|
| Best Bank for Transaction Banking* | Standard Bank |
| Best Bank for Cash Management | Ecobank Transnational |
| Best Corporate Cross-Border Payments Solution* | Ecobank Transnational |
| Best Bank for Payments | Ecobank Transnational |
| Best Bank for Collections | CIB |
| Best Bank for Long-Term Liquidity Management | Bank ABC |
| Best Provider of Short-Term Investments/Money Market Funds |
CI Capital Asset Management |
