18 April 2024 –Southern Africa Banking Survey: Vision 2030

While the African banking market has seen withdrawal of global banks over the last 5 years, the opportunity for localised banking has seen the opposite, driven by the expansion of African banking groups into the continent, led mostly by South African, West African, and Northern African banks. In fact, 100% of survey respondents indicated that the size of the market is a key driver for seeking out and implementing effective strategies for growth into Africa.

This growth will be driven primarily by opportunity in the corporate banking, Investment Banking, and transaction banking sectors followed by retail and wealth management – underpinned by innovation which has enabled more customers to access banking services through mobile banking. According to the survey, there are significant opportunities for the unbanked that can further enable socio-economic development through alternative finance, which includes the rapid growth that is expected from innovations such as blockchain technologies.