East Africa’s commercial banks are pinning their hopes for growth in 2016 on technology and increased investment in small and medium-sized enterprises as lenders avoid raising fees and commissions to maintain to retain customers.
Regional banks’ finances suffered battling 12 months of high interest rates, soaring inflation and weakening currencies last year.
But even with a dip in profitability, market analysts forecast a positive outlook for the banking sector in 2016, lifted by the growing vibrancy of the SMEs, increased investment in technology and the strategic partnership with telecommunications companies to ensure product innovation and control of operational costs. Read more. Source | East African