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

Anusuya Lahiri
·1 min read

  • International Business Machines Corp (NYSE: 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 (OTC: 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.

See more from Benzinga

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.