Africa has the most profitable banking sector in the world and its massive unbanked population is creating enormous opportunities for incumbent banks and fintech companies alike.
The continent has the world’s most profitable banking industry – its banks had an average return on equity (RoE) of 21.61% in 2021 (based on 24 African countries) compared with 15.69% in 2020 (based on 36 countries), according to Bankscope, the banking database. African banks are faring well in a global context – banks worldwide had an average RoE of only 13.44% in 2021.
Read More : Incumbent Banks, Fintech Start-Ups Eye Vast Opportunities in Africa’s Unbanked Demographic