Growth on the way for Sub-Saharan Africa banking industries
The banking systems of Sub-Saharan African countries are to get a boost over the next decade, due partly to increased usage of mobile phone banking.The banking systems of Sub-Saharan African countries are to get a boost over the next decade, due partly to increased usage of mobile phone banking.
This is according to a new report from the Economist Intelligence Unit (EIU), which found utilising handsets to access bank accounts, strong economic growth and fulfilling the needs of citizens requiring financial services will all result in growth in the industry.
Conservative predictions show that the assets of the sector in 16 Sub-Saharan African economies will be boosted by 178 percent by 2020, taking the total value to $980 billion (€688 billion).
The organisation singled out Angola as the country most likely to see fast growth and Angola Press recently reported the National Central Bank is currently investigating the possibility of introducing a new transaction service that makes use of mobile phones.
South Africa, on the other hand, will expand slower, partially because it is already "the financial powerhouse of the continent", the EIU stated.