Banking | - Part 126

What’s driving African banking…and what’s stalling it?

Very few Africans make use of formal financial services. In fact, only 24% of adult Sub-Saharan Africans had a bank account in 2012, while the global average was 50%, says the Global Findex Database. In the following countries less than 10% had an account that year: Sudan, Senegal, DRC, Central African Republic, Chad, Niger, Madagascar and Mali. The main reason for this low level of financial inclusion in Sub-Saharan Africa (SSA) is low income. Closely…

IMF Says Pan-African Banks Could Pose Systemic Risks

Posted on by The Editorial Team

Rapid expansion of cross-border banking in Africa in recent years poses oversight challenges that, if unaddressed, may increase systemic risks, IMF staff said. A recent report noted that pan-African banks have a systemic presence in around 36 countries and are now more important than the continent’s long-established European and American banks. Pan-African banks are improving competition, especially in host countries with small markets, driving innovation, and bringing new opportunities for diversification for the home countries….

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