BANKING & FINANCE
Like most economic sectors the world over, Africa’s financial industry took a beating in 2020. Particularly vibrant prior to the pandemic, with banking income growing by 11% per year, the financial industry will not be the biggest casualty of the ongoing crisis. Banks have so far demonstrated unprecedented resilience, as their capital bases are stronger and their liquidity higher than during the last financial crisis.
African banks’ profitability remains well above the global average, while proactive steps taken by governments and central banks have shielded them somewhat from the global downturn in economic activity.
Meanwhile, mobile-money operators and fintech firms have been reaping rewards as the adoption of digital tools becomes widespread. Countless African fintech firms, including Pineapple, Paystack, InTouch and Yoco, have persuaded investors and new customers alike that their services have a promising future.
In Africa, as elsewhere, a revolution in the financial services industry is underway. Fin tech, electronic payments, digitalization of the activities… Tech hubs are developing throughout the continent bringing opportunities of the highest caliber.
