Tue, 06 Mar 2018 18:30 - Updated Tue, 06 Mar 2018 18:30
Report highlights growth and innovation in African retail banking
Luanda - Retail banking in Africa is the fastest growing and most innovative and African banking markets are among the most interesting in the world, according to a new McKinsey Global Banking report.
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Banks bet on innovation
Photo: Alberto Juliao
The continent's global banking market is the second fastest growing and the second most profitable in the world, and a breeding ground for innovation, according to the study released last Friday.
Currently, almost 300 million Africans are banked, a number that could increase to 450 million in 5 years.
The report targets the African market in four typologies - from advanced markets such as South Africa and Egypt to fast-growing transitional markets such as Kenya, Ghana and Côte d'Ivoire, sleeping giants like Algeria, Nigeria and Angola, to emerging banking markets such as the Democratic Republic of Congo and Ethiopia.
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