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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.

Tags Banco   Economy  

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