BANKING & FINANCIAL SERVICES
Identifying sources of finance for projects in Africa has long been a challenge for both Africa based enterprises and those interested in doing business with the continent. Today, however, there is unprecedented capital available for transactions in Africa and a growing number of financial institutions emerging in a wide variety of areas (venture capital specialists, lease financing specialists, bond financing specialists, corporate financiers, capital markets specialists, merchant financiers, infrastructure finance specialists, and traditional asset-based financiers).
Despite a volatile Rand, downgraded status and a sluggish economy, South African Banks remain among Africa’s most vibrant. Five of the top ten banks in Africa are based in South Africa. At USD45 billion in Net international reserves, Egypt has the fourth largest external account of African nations. This fact coupled with the strength of its banks demonstrate Egypt’s leadership in this critical sector. With 26 million registered users, mobile money is a huge contributor to Kenya’s role as an industry leader in Banking and Financial Services.
The African continent has benefitted from the service it receives from Pan African banks.
The African banking system has also benefited from competition that has been brought by the growing presence and participation of foreign banks across the continent.
The value of insurance premiums in Africa is about $USD 45 billion.
Low insurance uptake on the African continent can be attributed to low income levels.