Africa—a global leader in mobile money—is now second in the world in terms of banking growth and profitability, according to consulting firm McKinsey.
In five years, the number of bankers in the continent has almost doubled, and total banking revenue has risen to about $86 billion from $56 billion in 2012. That figure is expected to rise to $129 billion in 2022. Much of this growth was driven by countries with large populations like Nigeria and Egypt.
McKinsey said the industry could grow faster but only with better distribution, better assessment of credit risks, and simplified paper processes.