Huawei calls for a ‘non-stop’ digital future for Africa’s banking industry

Huawei calls for a ‘non-stop’ digital future for Africa’s banking industry

Huawei today announced its ‘Non-Stop Banking’ initiative. Launched at the Huawei Intelligent Finance Summit for Africa 2023, the initiative calls for hand-in-hand collaboration between ICT and the banking industry and facilitates the digital future of ‘non-stop’ services, ‘non-stop’ development, and ‘non-stop’. -stop’ innovation.

In a keynote speech announcing the initiative, Leo Chen, president of Huawei’s Sub-Saharan Africa Region spoke about why digital has become so important to the banking industry. Not only is it easier for banks to expand their customer base, it also saves operational costs, allows them to develop new products, and deepen customer relationships, thus generating profits for banks.

In Africa, he added, there is a greater mandate for banks to embrace digitalisation, as it allows for greater financial inclusion. While Chen praised the innovative work being done by many African banks in terms of digitization, he emphasized that all players in the industry must go further if they want to adopt the ‘non-stop’ approach that will characterize the future of banking.

Huawei has served more than 2500 financial customers in more than 60 countries and regions, including 50 of the world’s top 100 banks. Many of Huawei’s technologies, Chen said, are helpful on this front. Over the years, it has provided the foundation and backbone for the digitization of the banking industry in Africa by supporting the development of the continent’s ICT infrastructure and digital connectivity in rural areas. An extensive focus on research and development (R&D), meanwhile, means it is also ready to help the industry shape the future.

From a technical perspective, he points to Huawei’s strengths in storage, fiber optic networks, IP networks and data communications, which enable ‘multi-domain collaboration’ solutions for banks. For example, the ‘storage and coordination of optical connections (SOCC)’ solution can reduce the system switching time from two minutes to two seconds after a network failure, ensuring zero transaction interruption. Multilayer ransomware protection (MRP) technology can also provide 6 layers of protection, from storage, network, application and other layers. This enables reliable and secure ‘end-to-end’ protection for the entire system. Finally, Huawei’s intelligent network O&M solution enables faults to be detected in one minute, diagnosed in three minutes, and corrected in five minutes.

Huawei Cloud, the world’s fastest-growing major cloud service provider, may support the hybrid multi-cloud services required by banks. Huawei’s digital energy solutions, meanwhile, can help provide uninterrupted and green electricity supplies to the banking sector. This effectively solves the problem of power deficit and supports ‘non-stop’ banking.

Such technological innovation will be important because, as Jason Cao, CEO of Huawei Global Digital Finance pointed out, financial services are becoming mobile and intelligent at a rapid pace.

“The financial industry must pay acute attention to users and their demands, embracing change,” he said. “Huawei is dedicated to helping African financial customers overcome challenges and accelerate change in six areas: the shift from transaction to digital engagement, cloud-native and agile business, data democratization, secure and reliable infrastructure, multi-cloud hybrid and Lego-style modular service, and automatic and predictable operation.

“In this way, Huawei will facilitate financial digitalization and innovatively increase productivity in Africa. Playing on stability, agility, and intelligence, Huawei aims to build ‘non-stop’ financial services, and achieve ‘non-stop’ development together with ‘non-stop’ innovation,” he said.

Beyond technology, Huawei issued a call to all parties in the industry to come together and build a more robust ICT infrastructure, facilitate other measures and policies to encourage digital financial innovation, develop a good innovative ecosystem, and train more digital talents for the industry.

Huawei is particularly active in the last two points. Huawei Cloud’s Spark program, for example, has pledged to help 1,000 SMEs over the next three years. And having trained more than 80 000 digital talents in Africa, it has launched the ‘LEAP’ digital talent training program in the Sub-Saharan African region, with the aim of training another 100 000 people in the next three years.

The Huawei Intelligent Finance Summit for Africa 2023 gathered more than 200 participants, including key industry opinion leaders, as well as executives from major banks in Africa.

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