- JOHANNESBURG: A new report predicts a sub-Saharan banking boom, with bankers reaching out to the majority of Africans who do not have accounts and increasing use of new technologies, especially mobile phones.
The Economist Intelligence Unit report published Thursday offers a conservative scenario that banking in 16 African economies will boost assets by 178 percent to $980 billion by 2020.
“A more likely scenario” has assets expanding to $1.37 trillion.
The boom is forecast on high economic growth, application of technology and inclusion of the unbanking majority.
Angola is slated to lead with a projected fivefold increase.
Countries including Ghana, Tanzania and Uganda are expected to triple banking assets. Well-developed banking sectors in South Africa, Namibia and Botswana can expect slower growth.
