IBM has grabbed a huge deal in Africa as banks are looking forward to shifting to digital

Tech giant IBM has recently made an announcement that it has won the hybrid cloud deal with one of the biggest banks in Africa. This also includes Attijariwafa Bank from Morocco and Nedbank from South Africa. The main motto of the deal is to pivot the banks to use the internet to store large amounts of data. As of now, IBM is working with more than six banks on the continent-spanning from Nigeria to Mozambique. The deal will make sure that the company’s data will be stored internally in a private cloud and public clouds.

Hillery Hunter, VP of IBM cloud, has stated that the technologies used by banks working with them in Africa are a part of the company’s hybrid cloud technology, and during the pandemic, the companies wanted to improve and open more mobile and digital banking because there were just a few retail locations. The landscape of financial services has become more competitive in Africa, with many MNCs and banks entering the segment. Business leaders in Africa are contending with other big names in the segment, which offer services that allow people to transfer cash from the simplest of phones. Mobile network companies have also joined the race by making the shift to digital.

 

 

Paytm Partners with HDFC Bank in India

Paytm has announced a partnership with HDFC Bank in India to expand its digital banking services in the country. The partnership will see HDFC Bank build solutions for PoS machines, credit products, and payment gateways. This will include Paytm Postpaid, Eazy EMI and Flexi Pay.

The partnership between the two big players in the Indian financial space will empower businesses and help them scale.

“As India’s largest issuing and acquiring bank, we have always endeavored to personalize our offerings to customers-consumers, businesses and corporate houses. Through this partnership we will also be jointly delivering enhanced SmartHub solutions to the market. We believe that this is the start of a great partnership and the cumulative strength of both HDFC Bank and Paytm will help us strengthen our respective leadership positions,” said Parag Rao, Group Head–Payments, Consumer Finance, Digital Banking & IT, HDFC Bank.

The private sector bank's SmartHub solutions is a platform that offers merchants with many options to access tools for their needs like banking, payments, lending, and business solutions.

In addition to this, HDFC Bank will sell Paytm's payment solutions in the Indian market. Both the companies will also launch a co-branded PoS product for the retail sector jointly.