IBM Scoops Cloud Deals With 6 African Banks, Seeks More Deals

International Business Machines Corp IBM won hybrid cloud deals with six African banks. IBM is working with Nedbank, Ecobank, Attijariwafa Bank, United Bank for Africa, Co-operative Bank of Kenya, and Mozambique’s Banco Mais.
Banco Mais has been able to reduce turnaround time for loans by 60% using cloud technologies.
Now the African banking clients can store their information, with some held in private cloud and other data stored in public clouds, Bloomberg reports.
The pandemic triggered a greater need for banks to transform with fewer retail outlets locations and more digital and mobile banking on the continent, IBM Cloud VP Hillery Hunter said.
The report adds that IBM is looking to partner with more banks and institutions on the continent as only about 25% of workloads have been modernized to cloud patterns.
African lenders have to contend with a budding mobile-banking industry enabling the simplest of phones to transfer cash. Mobile network operators, including MTN Group Ltd, Vodacom Group Ltd VDMCY, also offer digital banking services.
The dynamic has seen a surge in IBM’s hybrid cloud deal activity on the continent.
Price Action: IBM shares traded higher by 1.26% at $134.65 on the last check Wednesday.