Explosion of data causes tech and legal challenges for African banking

Banking industry insiders have lessons learned for any tech leader struggling to manage the growing volume of data enterprises are gathering as more business is transacted online throughout Africa.

South African currency / money / budget / finance / 5 Rand Nelson Mandela banknotes / 2 Rand coins
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As more and more business is transacted online, enterprises in Africa, as in the rest of the world, have to manage an explosion of data, and nowhere is this more true than in the banking sector.

Banking industry insiders are on the vanguard of business executives establishing the sort of modern tech infrastructure necessary to gather, input, store, and analyse this growing volume of data, all the while adhering to compliance with the confusing mix of data privacy laws prevalent through sub-Saharan Africa, as well as ICT infrastructure of varying quality throughout the region.

Banking has a hard-earned reputation for stability and predictability. It’s a necessary attribute to have when you’re asking people to trust you with their money. So banks are thinking hard about how they use the data they are receiving, and how to store it safely and in line with stringent compliance regulations that are forcing some tough choices.

mark mcchlery Mark McChlery

Mark McChlery is chief data and analytics officer for PayJustNow.

"Data is the lifeblood of any business," says Mark McChlery, CEO of PayJustNow, a Cape Town-based start-up that  provides online shoppers with a speedy way to sign up for installment-plan purchasing while gathering valuable data that can be used to drive more purchases for retailers. The company uses AI, a progressive web app (PWA) and cloud technology to bring instalment plan shopping to shoppers into the digital age.

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