Digital Banking and Sustainability of Small and Medium-Sized Enterprises: Focus on Africa

Over the last two decades, banking has evolved with technology, focusing on personalised, efficient services due to smartphone and Internet prevalence. Due to the prevalence of smartphones and fast mobile Internet, banks no longer invest in infrastructure. Modern customers expect personalised, quick...

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Bibliographic Details
Published inAfrican Journal of Innovation and Entrepreneurship (AJIE) Vol. 3; no. 2; pp. 71 - 99
Main Authors Nonhlanhla Cele, Natile, Rankhumise, E.M, Faku, E.M
Format Journal Article
LanguageEnglish
Published London Adonis & Abbey Publishers Ltd 01.08.2024
Subjects
Banking
Banking industry
Computer platforms
Computer security
Cost analysis
Cost control
Customers
Customization
Cybersecurity
Digital technology
Economic development
Economic growth
Electronic banking
Financial inclusion
Financial services
Infrastructure
Innovations
International finance
Internet
Literature reviews
Mobile commerce
Small & medium sized enterprises-SME
Sustainability
Transactions
South Africa
Kenya
Mauritius
Africa
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Summary:Over the last two decades, banking has evolved with technology, focusing on personalised, efficient services due to smartphone and Internet prevalence. Due to the prevalence of smartphones and fast mobile Internet, banks no longer invest in infrastructure. Modern customers expect personalised, quick, and cost-effective services from financial advisors, utilising recent technologies. This study examined digital banking’s impact on small and medium enterprises (SMEs), emphasising cyber security’s critical role. Accessible financial services for SMEs can stimulate economic growth. Through a systematic literature review, key factors such as ease of use, convenience, and cost were identified, highlighting cyber security’s overriding importance. SMEs cautiously use digital banking for high-value transactions due to security concerns. This study recommended investing in cyber security, promoting digital banking awareness, and considering cost subsidisation to foster adoption.
ISSN:2753-3131
2753-314X
DOI:10.31920/2753-314X/2024/v3n2a4