According to a report by Bain & Company, quoted in a Reuters article:
Bain Partner Andrew Tymms said the continent’s financial services industry will continue to grow at a compound annual rate of 15 percent to 2020, outpacing gross domestic product growth.
“Retail banking will grow faster than corporate banking … to make up 38 percent of banking revenue by 2020, bringing in the previously unbanked population and shifting the experienced to sophisticated products,” Tymms said.
The study, “Financial Services in Africa: A Decade of Opportunities” reckons financial firms will make up 19 percent of Africa’s gross domestic product by 2020, compared with 11 percent in 2009.
H/T @AfricaResearch, whose blog you should check out.
