- 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.
Stephens & Co. Maintains Overweight on Hub Group, Raises Price Target to $91
Stephens & Co. analyst Justin Long maintains Hub Group (NASDAQ:HUBG) with a Overweight and raises the price target from $86 to $91.
