Sub-Saharan Africa has the least developed financial sector in the world. With the exception of South Africa, the total African bank assets amount to less than USD 300 billion, which is nearly ten times less than the largest Chinese bank and about the size of the third largest Swedish bank. Even after taking into account the differences in GDP, the African financial sector remains very much underdeveloped, with a penetration rate around 30 %, twice inferior to the average figure in developing countries. In addition to its very small size, the African banking sector remains very much fragmented: the largest banking group in SSA totalled USD 17 billion – three times less than the first Cypriote bank – and only a dozen banking groups have total assets in excess of USD 5 billion. Read More.