Sector Report

Banking in
Africa
kpmg.com/africa
The series has the following reports:

• Oil and Gas in Africa

• Private Equity in Africa
• Manufacturing in Africa
• Fast-Moving Consumer Goods in Africa
• Luxury Goods in Africa
• The African Consumer and Retail
• White Goods in Africa
• Insurance in Africa
• Agriculture in Africa
• Power in Africa
• Construction in Africa
• Healthcare in Africa
Contents
Introduction and Overview 2

Regional Sector Profile 3

Southern Africa 3

East African Community 5

Central and West Africa 6

The Market for Banking 7

Key Growth Drivers 9

Remaining Challenges 10

Conclusion 11

Source of Information 12

Contact Details back page

1 | Banking in Africa

Introduction and Overview

“A growing body of evidence suggests Financial sectors on the African continent remain
that financial institutions and financial largely underdeveloped, while banking industries
continue to dominate the landscape in terms of
markets exert a powerful influence total assets and services. Nonetheless, financial
on economic development, poverty sector development has been on the agenda of
alleviation, and economic stability.” African policymakers for some time. Various policy
reforms over the past decade have contributed to
Source: Cihák et al. 2012. an environment more conducive to financial sector
development. Governments have made progress
in introducing much needed legal regulatory
frameworks, information infrastructure and
regulatory institutions. As a result, the depth and
coverage of financial systems, when measured by
the ratios of broad money volumes of bank deposits
and private sector credit to GDP, have improved
over the past two decades 1. Nevertheless, Africa’s
financial sector continues to be less developed
compared to other emerging market regions.
Findings from a benchmarking study commissioned
by the World Bank during 2012 support this
assessment2. Examining various indicators in
relation to financial system access, depth, efficiency
and stability3; the findings suggest that sub-Saharan
Africa (SSA) performed weakest on average.

1
European Investment Bank. 2013.
2
Cihák et al. 2012.
3
The authors distinguish between financial institutions and financial markets when examining the financial systems of various regions. Due to the fact
that Africa’s financial sectors are mostly dominated by financial institutions (higher average financial structure ratio), the findings referring to the latter
is probably more indicative of actual performance.
 Banking in Africa | 2

Introduction and Overview

However, Africa enjoys certain key advantages that

will enable the continent to equal or even surpass at
least some of its emerging market counterparts in
terms of financial sector development in the coming
decade and beyond. Most African financial markets
are open to new entrant including foreign players
compared to other emerging market economies.
The growing presence of subsidiaries of major global
banks on the continent has undoubtedly improved
the quality of financial services in recent years; the
focus here has largely, but not exclusively, been on
high margin corporate businesses as opposed to
retail banking sector. However the largest markets,
Nigeria and South Africa are dominated by large local
players.
The continent has also often been at the forefront
of new technological advances and other innovative
methods to reach new customers and simplify
access to banking, especially in more rural locations.
However, more than anything else, Africa represents
massive financial sector growth potential due to
the fact that the market is still largely unsaturated.
According to the World Bank, only 14.9% of adults
in SSA had deposit accounts with commercial
banks in 2012. Africa’s flourishing middle class,
forecast to triple over the next two decades,
further supports the massive potential that lies
within Africa’s growing consumer base. Indeed,
with real GDP per capita in many African countries
having climbed past the critical $1,000-level, a
rapid expansion in retail banking is foreseen in
coming years. The World Bank projected retail
banking in SSA to grow at a compound annual
rate of 15% between 2013 and 2020, bringing the
sector’s contribution to the continent’s collective
GDP to 19% from an estimated 11% in 2009. To
do so however, institutions will continually need
to embrace innovative strategies so as to shape
banking products to fit consumers’ rising financial
sophistication needs as well as to tap into the
continent’s massive ‘unbanked’ population.
3 | Banking in Africa
Regional Sector Profile
The banking sectors across sub-Saharan Africa
remain highly concentrated. According to the World
Bank’s Global Financial Development database, the
three largest banks held 78.2% of the total banking
sector assets on average across sub-Saharan
African countries in 2011. This statistic increased
to 91.2% when the five largest banks were
considered. Although the banking sector remains
Southern Africa
The level of financial development is especially
diverse between the various countries within
the Southern African (SA) region. While South
Africa is the obvious frontrunner, other countries
like Mauritius, Botswana and Namibia also have
highly concentrated at an aggregate level, there
are subtle but significant differences in relation to
financial sector development between countries and
within regions. Below we briefly consider financial
development in Africa from a regional perspective,
while also highlighting key banking sector
developments in country-level case studies.
fairly developed financial markets in an African
context. Countries at the other end of the spectrum
include the Democratic Republic of Congo (DRC),
Madagascar and Malawi.

Regional Sector Profile
Regardless, the banking sector in the Southern
African region has experienced significant growth in
the past decade. Even though this has gone hand-in-
hand with positive credit expansion in most cases,
credit to the private sector as a percentage of GDP
remains low by international standards. Although,
amongst the regions in Africa, the Southern African
median is slightly higher than the median of the East
African and Central and West African regions (see
accompanying figure4). Countries that have made
significant inroads in this regard, albeit from a low
base, include Angola, Mozambique and Tanzania. In
general, Southern African banks are well capitalised,
and mostly have lower non-performing loan (NPL)
ratios when compared to the other regions on the
continent.
In addition, the European Investment Bank (EIB)
notes that many governments in the region are
assisting financial market development by issuing
benchmark-setting sovereign bonds, which would
ultimately aid domestic companies in accessing
foreign finance. There is also better cooperation
on a regional level, such as through the Southern
African Development Community’s (SADC)
Committee of Central Bank Governors. However,
the region still faces major challenges, many of
which are synonymous with broader continent
wide issues. Even in countries with fairly developed
financial sectors, services are often mostly
directed at established businesses and higher
income households. In the less developed sub-
sample, challenges are still numerous and include:
challenging legal environments, limited information,
poor infrastructure, and uneven regulatory functions.
Angola
The Angolan banking system is highly concentrated,
with five banks representing approximately 78%
of total Assets. While the sector has seen rapid
expansion, there is still a high concentration of credit
in Luanda and coastal regions, as well as companies
linked to the oil sector.
The Angolan banking system has experienced
strong growth over the past two decades, with
ROE above 20% on average, resulting mainly from
high interest rate government bonds and foreign
exchange transactions, whilst the loan books still
4
The box-plot graph indicates the minimum, quartile 1, median, quartile 3 and maximum values for the respective country credit to private sector
percentages of GDP for each region during 2012. Two outliers were removed as follows: South Africa (151%) and Mauritius (101%).
Banking in Africa | 4
show significant potential for growth, despite non-
performing loans ratio being quite high (around 6%).
The reduced level of bancarization (around 25%),
mainly in the interior regions, and the relatively low
diversification and complexity of products offer a
strong potential for growth, although the scarcity of
qualified staff can represent a real constrain.
A significant effort in the Regulatory front has been
observed in the last few years, although the levels of
compliance still lag behind international standards.
The Angolan government has introduced tougher
regulations for banks on ownership disclosure,
auditing and risk management. This intends to
increase and supervision in the booming financial
sector. In addition, stricter rules on auditing, risk
management, compliance and stress testing will
enhance the central bank’s to supervise the financial
system. Implementation of the new regulations will
be required by the end of 2014.
Zambia
Zambia’s banking sector is relatively well developed
in an African context, although the financial sector
remains highly concentrated with the largest four
banks holding nearly two-thirds of total banking
assets by 2013. There has been a steady increase
in electronic banking and related services over the
last 5 years. The structure of the banking sector
comprises of 19 commercial banks, of which 15 are
foreign owned, three is locally owned by private
investors and one is jointly owned by the Zambian
and Indian governments. The banking sector has
maintained a strong capital position in recent years,
which allowed the financial sector to show resilience
in the face of global economic turmoil in 2007-08.
However, a large portion of the Zambian populace in
rural areas remains unbanked, and vulnerable to loan
sharking activities due to poor access to financial
services. The government intends to increase
financial inclusion from a current level of 37.3%
(as at June 2013) to 50% by 2015. The government
identified branch expansion from the current 351
and increased product innovation as pivotal to
effective financial service provision. The increase
in the capital requirement for the Banks effective 31
December 2013 is also expected to have a positive
effect on the economy.
5 | Banking in Africa
Regional Sector Profile
East African Community
Financial sectors in the East African Community
(EAC) are dominated by the banking industries,
the development of which varies greatly between
countries. In this sense, Kenya leads the way and is
the only country whose local banks have achieved a
significant presence throughout the region. In most
other countries, local banks focus predominantly
on domestic markets. Most of the banking sectors
in the region, with the exception of Kenya, have
significantly more foreign banks than local banks
operating in local markets.
According to the EIB, foreign banks account for
comparatively large shares of total banking assets.
Similar to the Southern African region, the EAC
financial sector has witnessed significant progress
over the past 10 years. Reforms during this time
included the liberalisation of state-owned bank
systems, restructuring of loss-making financial
institutions as well as improved governance.
As a result, credit to the private sector as a share of
GDP increased significantly, most notably in Kenya,
Tanzania and Uganda. However, credit to the private
sector as a percentage of GDP remains very low on
average. Loan-to-deposit ratios are slightly higher on
average than those of the Southern African region.
The same applies to average NPL ratios.
Kenya
The Kenyan banking sector comprises 43
commercial banks. The sector is relatively well
developed and dynamic, while access to credit
has been boosted over the past decade by the
advent of mobile and agency banking. A number of
Kenyan banks have also expanded into neighbouring
countries. Prudential guidelines introduced in 2012
have helped to improve banks’ risk management
practices. The sector has continued to record strong
growth during 2013, seeing as the deposit base
expanded by 12.5%, while gross loans grew by
17.65% y-o-y in December 2013.
Also, the demand for credit picked up significantly
following the peaceful conclusion of elections in
March 2013. Credit demand was further boosted by
lower interest rates and an upbeat macroeconomic
outlook. Kenya’s banking sector has a favourable
outlook for 2014. This view is supported by solid
macroeconomic fundamentals, continued expansion
of Kenyan banks into the region, further expansion
of the branch network and agency banking in the
domestic market, and higher demand for banking
services due to the government’s devolution process.
Uganda
The Ugandan banking sector performed relatively
poorly in 2013 compared to 2012. The sector profit
before tax was Ushs 560 billion compared to Ushs
728 billion in 2012. I.e. decline of 23%. Total sector
assets grew to Ushs 17.419 trillion from Ushs 15.189
trillion. Capital adequacy levels remained strong,
while liquidity and funding conditions improved.
However, bank lending growth remained lower
than the previous year, with banks reducing their
risk-weighted assets and switching to investing
in government securities. According to a New
Vision survey, commercial bank lending rates in
Uganda are the highest in East Africa, leading to
lower than projected credit growth and to climbing
NPL ratios. The average shilling commercial bank
lending rate in Uganda hit 23% in July 2013. In turn,
lending rates in Kenya usually average between
12% and 15%. Commercial banks have blamed
the high lending rates on the high cost of deposit
mobilisation. Bankers say this is likely to continue
until the financial institutions act is changed to
allow for agency banking, or until commercial oil
production starts. The former will increase the
banked population by simplifying the use of a current
account, thus increasing deposits, while the latter
will increase liquidity in the banking sector. The
central bank has continued to use moral suasion to
encourage commercial banks to reduce the spread
between interest on deposits and on loans, but
success has been limited.
Tanzania
Tanzania’s financial system remains stable thanks
to several years of successful financial reforms.
Market-friendly reforms in the 1990s reduced
the government’s share in the financial sector
and opened financial services to private sector
participation. The liberalised financial sector has
become more competitive and the quality of
financial services has improved with the entry of
foreign banks. Although a number of banks are
foreign-owned, the sector has not been significantly
affected by the turmoil in global financial markets
of the past five years. Mobile banking in Tanzania
has also shown impressive growth. However, the
strong growth in the mobile banking sector requires
additional monitoring to ensure the sub-sector does
not create excess risk in the general banking sector.
At the end of April 2013, the volume of transactions
had reached 71.6 million per month.

Regional Sector Profile
Central and West Africa
In general, the Central and West African (CWA) region
is characterised as having the lowest median in relation
to private sector credit as a percentage of GDP. A
contributing factor to this pertains to weak governance
and regulatory institutions giving rise to high NPL ratios
and as a result, banks that are reluctant to extend
additional credit to the private sector.
Nigeria
The banking sector in the region’s dominant
economy, Nigeria, has undergone substantial
transformations over the past decade. Following
the 2005-06 consolidation, Nigeria’s banking
sector experienced rapid credit growth, as banks
expanded their service offering and started entering
the untapped retail sector. However, a large share
of the credit originated from high risk investment
activities, such as margin traders focusing on
equities and oil importers not hedging their
positions. This meant that, in contrast to most of its
African peers, the Nigerian banking sector proved
especially susceptible to the impact of the global
financial crises. The Central Bank of Nigeria took
various steps in an attempt to rectify the situation.
Firstly was to address corporate governance and
removal of boards and CEO’s. The CBN also fixed
and ensured adherence to tenure limits for the board
and Chief Executive which resulted in changes at
UBA, Zenith Bank etc. This included a guarantee on
all interbank transactions and pension deposits as
well as setting up the Asset Management Company
(AMC) to swap all NPLs with tradable zero-coupon-
Banking in Africa | 6
Federal Government of Nigeria (FGN) bonds and the
purchase of for banks considered illegal by AMCON.
More recently, Nigerian banks have been under
pressure due to regulatory changes which have a
direct impact on earnings. One of these changes
was an increase in the cash reserve requirement
(CRR) on public sector deposits from 12% to 50%
in July 2013. The CRR on public sector deposits has
since been raised further to 75% in January 2014,
and is likely to have a big impact on banks’ earnings.
Ivory Coast
As the banking hub of francophone West Africa,
Ivory Coast accounted for 27.6% of total banking
sector assets within the West African Economic
and Monetary Union (WAEMU) region in 2012.
The banking sector consists mainly of French and
Nigerian subsidiaries in addition to state-owned
banks. Although relatively well capitalised, the
Ivorian banking sector also suffers from credit risk
in the form of comparatively high NPL ratios, partly
a consequence of the post-election conflict during
2010, when banks temporarily seized operations.
Authorities in the WAEMU region are considering
the establishment of a financial stability fund to
support the financial system during times of crises,
such as experienced in Ivory Coast recently.
DRC
In a report released during August 2013,
Ecobank notes that the banking sector in the
DRC comprised of 18 active commercial banks
with a total of 278 branches at the end of 2012.
Total commercial bank assets increased by 32%,
from around $2.7bn in 2011 to $3.6bn in 2012.
According to the IMF, only around 3.5% of the adult
population had deposit accounts at commercial
banks in 2012, up from 2.1% during the previous
year. Business for commercial banks improved
after the government began transferring salaries of
civil servants through the banking system, instead
of salary payments made in cash, over the past two
years. This development is likely to increase the
rate of financial deepening in the DRC while also
improving market penetration.
7 | Banking in Africa
The Market for Banking
A large proportion of the African populace does not
make use of formal financial services. According to
the Global Findex Database , only 24% of the total
SSA adult population had an account at a formal
financial institution in 2012, compared to 50% of the
African countries with particularly low account
penetration rates, where less than 10% of the
adult population had a financial institution account,
included: Sudan, Senegal, Democratic Republic
of Congo, Central African Republic, Chad, Niger,
Madagascar and Mali. The main reason for the low
level of financial inclusion in SSA, based on survey
responses, pertains to low income levels in general.
Closely related to this last point is the fact that
survey respondents believed financial services to be
too expensive. Other notable barriers included the
distance travelled to the nearest point of contact as
well as onerous regulatory requirements.
global adult population. Put differently, 115 million of
the total adult population in SSA – estimated in the
region of 482 million – had an account at a formal
financial institution.
Given the opportunities presented by these markets,
many financial institutions have been spurred to
reconsider the way in which they do business. By
some estimates, 95% of the adult population in
SSA earning less than $10 per day have no access
to bank accounts. If this group were to become part
of the formalised banking sector, this could lead to
a significant increase in new deposits. Also, even at
lower profit margins, the benefits associated with
leveraging economies of scale should contribute to
significant returns on the bottom line.
 Banking in Africa | 8

Key Growth Drivers

The banking sector on the African continent
managed to realise significant growth over the
past decade. Encouragingly, this trend is expected
to continue in the medium term. The Economist
Intelligence Unit (EIU) states that African countries
“are poised to enjoy a surge in growth in their
banking systems during this decade”, mainly
driven by high economic growth and improved
performance in relation to financial deepening.
The EIU forecasts total financial sector assets will
expand by around 178% - 248% by 2020 in a sample
consisting of 16 key SSA countries .
However, in order to realise the significant growth
potential outlined above, companies will need to
find alternative approaches and innovative solutions
to the problem of expanding the reach of financial
services to the unbanked.
Use of Mobile Technology
The advent of modern technology and other
innovations have successfully enabled a handful of
pioneers to provide banking services to a far wider
income customer base than ever before. More
specifically, the emergence of mobile technology
as an alternative to more traditional banking has
allowed for services to be provided to lower
income households often residing at distant rural
locations. This was made possible by the rapid
diffusion of affordable cellular technology on the
African continent. According to a study completed
by the African Development Bank during 2012, “the
number of subscribers on the continent has grown
almost 20 per cent each year for the past five years.
Mobile telephony penetration in Africa has increased
exponentially from less than 2 million subscribers in
1998 to over 500 million in 2011.” Mobile banking
has achieved the broadest success in SSA, where
16% of adults reported having used a mobile phone
in the 12-months leading to April 2012 to pay bills
or send or receive money. This is compared to less
than 5% in other regions.
One of the most successful mobile banking models
in Africa is considered to be Kenya’s Mpesa, which
caters to more than 14 million customers (70% of
Kenya’s adult population). Developed by Vodafone
and launched commercially by the company’s
Kenyan affiliate Safaricom, Mpesa is an electronic
payment system accessible from ordinary mobile
phones. Mpesa account holders can use their
mobile phones to transfer funds, pay bills, and
purchase mobile airtime credit.
This is widely aired as successful but the success
has not been replicated in any other African country
to date.
Pan-African Banks
The growing presence of subsidiaries of major global
banks on the continent has undoubtedly improved
the availability and quality of financial services in
recent years. However, large banks from well-
developed financial markets on the African continent
have made the biggest impact in this regard. As
noted above, these banks mostly have their origins
in South Africa and Nigeria. According to the EIB: “at
least nine SSA-domiciled financial groups operate
banks in seven or more other SSA countries.”
Standard Bank, Africa’s top bank by assets, has a
comprehensive Africa presence with the company
operating in around 17 SSA countries. The company
remains focused on its African strategy, and has
indicated that it no longer has ambitions to buy
or build commercial operations outside of Africa.
Standard Bank’s affiliation with the Industrial
Commercial Bank of China (ICBC), following ICBC’s
purchase of a 20% stake in Standard Bank in early
2008, remains a strategic advantage in terms of
tapping into Asia’s growing presence in Africa.
Similarly, in July 2009, FirstRand Group formed
a strategic partnership with China Construction
Bank (CCB), with the intention to align two leading
banks on two strategic continents to facilitate
banking opportunities in the China-Africa corridor.
The FirstRand Group’s vision is to be the African
financial services group of choice by growing its
franchise in the broader African continent, targeting
trade and investment flows between Africa,
China and India. In addition, Barclays Plc recently
combined its operations in Africa to standardize its
business across the continent as part of its ‘One
Bank in Africa’ strategy. The UK bank increased its
stake in the Absa Group of South Africa to 62.3%
and consolidated the assets of the latter with that
of its other African operations and subsequently
rebranded the business as Barclays Africa Group,
although the Absa brand would be retained solely
for operations in South Africa. Barclays Africa

5
World Bank: Global Findex Database. 2012.
6
Economist Intelligence Unit. 2011.
9 | Banking in Africa

Key Growth Drivers

Group wants to increase the share of its revenue
originating from outside of South Africa to between
20% and 25%, while also aiming to be amongst the
top three banks by revenue in its five largest markets
(South Africa, Kenya, Ghana, Botswana and Zambia).
Ecobank, with its roots in Togo, has the biggest
presence in Africa, rendering banking services in 33
countries. These banks have assisted in improving
competition as well as ensuring new technologies
and methodologies are transferred across countries
on the continent.
Alternative Financing Options
While banks are and will remain the backbone of
African financial systems, a number of alternative
financing options exist, upon which most low-
income African households have traditionally
resorted given limited access to formal banking
products. These non-bank financial intermediaries
(NBFIs) range from post-office savings banks to
credit unions and other financial cooperatives
to other formal and semi-formal microfinance
providers, with their success and longevity
ascribed to lower affordability, eligibility and
product appropriateness barriers than traditional
banks. Another mode of branchless banking that
has received growing attention in recent years
is bank agents, who tend to operate out of retail
stores, gas stations or post offices. By and large
however, the NBFI sector generally tends to
operate below potential.
Recognising the importance of NBFI’s for a
large percentage of poor African households, an
increasing numbers of banks are collaborating
with non-governmental organisations (NGOs) to
provide some form of new banking facilities to the
largely unbanked rural population. These range from
promoting a culture of savings and loan facilities in
poor communities, to increasing financial literacy, to
the issuance of biometric smart cards as a means
of formal identification so as to provide easier
access for rural households to banking services. The
importance of this is significant in that promoting a
culture of savings in poor communities and providing
some form of financial literacy has the potential to
eventually have a hand in reducing poverty. While
encouraged by progress made, there is still a long
way to go to ensure that the majority of Africa’s
poorest are able to engage in some kind of formal
financial activity.

Remaining Challenges
Even though African banking systems experienced
marked improvements over the past decade in
general, major challenges remain which could serve
to constrain growth in the medium term.
Infrastructural weaknesses
The unavailability of efficient infrastructure remains
a key challenge for a number of African countries
and as such, cost of providing the necessary
infrastructure adds significantly to the cost of doing
business. Also, payments systems are largely
underdeveloped and as such supports process
for efficiencies and reduction in cash handling are
limited in a number of countries.
Weak regulatory frameworks
The global financial crises encouraged many
countries on the continent to embark on becoming
compliant with international regulatory frameworks
(e.g. Basel guidelines). However, progress in this
regard varies greatly between countries and regions.
In addition to improved regulatory frameworks,
African countries need to strengthen oversight and
enforcement.
Unaffordable banking services
Probably one of the greatest constraints to growth
in the African banking sector pertains to the fact
that formal banking services remain mostly too
expensive for the vast majority of lower income
households. Banks have limited incentive to develop
products for the poor masses that currently cannot
afford banking products and hence mostly compete
at the higher end of the income distribution.
Increased competition at the higher end of the
market could serve to make banking services
more cost-effective for higher income households.
However, to bridge the gap between affordability
and commercial viability would require an increase
in average income and as a result larger middle
classes across the continent. Although the evidence
suggests that the African middle class is in fact
expanding, innovative new banking solutions might
serve to speed up this process.
Banking in Africa | 10
Excess liquidity
The EIB notes that in many African countries
“banking systems are characterized by significant
excess liquidity, reflecting the scarcity of what banks
deem to be credit-worthy borrowers.” Banks in many
countries continue to rely on government securities
to generate earnings instead of growing loan books.
In cases where loans are more prevalent, the
interest rate spreads between loans and deposits
are mostly large. The situation is compounded
by the fact that, in a number of African countries,
the necessary enablers to grow retail credit e.g
identification, credit bureaus etc. are absent or
where they exist, in a very nascent phase.
Technological backlogs
A white paper published by the Industrial
Development Corporation (IDC) of South Africa in
2013 highlighted information technology as a major
operational challenge. The proliferation of multiple
systems to deliver on operational needs, without
a clear architecture governing interoperability and
synergy has resulted in its own unique issues.
Many banks in Africa indeed are plagued with
reporting and data integration problems resulting
from this challenge or the complete lack of requisite
technology. “The consolidation of data, systems
and processes is, therefore, a key priority for African
banks in order to improve operational efficiency and
enhance control of their operations”.
11 | Banking in Africa
Conclusion
Although the banking sector on the African
continent faces various difficult challenges, it
nonetheless has the potential to realise significant
growth. Indeed the successful expansion of
financial services into the retail sector including
penetration of the lower income and ‘unbanked’
sectors of the population has the ability to be a
catalyst for economic growth to ensure more
inclusive, far-reaching economic growth. However,
to fulfil its full growth potential would require
strengthening of regulatory environments,
improvements in infrastructure/ including access
to the intensely tight supervision. Africa has the
potential to leapfrog in select areas e.g. Mpesa
model in East Africa and innovations will be key to
release the growth potential of the least cost.
 Banking in Africa | 12

Source of Information

Africa Development Bank.

Allen et al. 2011. African Financial Systems: A
Review.
Čihák et al. 2012. Benchmarking Financial Systems
around the World.
Ecobank. 2013. Middle Africa Insight Series.
Economist Intelligence Unit. 2011. Banking in Sub-
Saharan Africa to 2020.
European Investment Bank. 2013. Banking in Sub-
Sahara Africa: Challenges and Opportunities.
International Monetary Fund.
World Bank. 2011. Making Finance Work for Africa.
World Bank. 2012. Measuring Financial Inclusion,
The Global
Findex Base.
The Africa Report.
Contact details
Africa South Africa
Moses Kgosana Noelani King Conradie
CEO Managing Director
KPMG in Africa T: +27218636200
T: +27846478012 noelani@nkc.co.za
E: moses.kgosana@kpmg.co.za
Thalma Corbett
Anthony Thunstrom Head of Research
COO T: +27218636200
KPMG in Africa thalma@nkc.co.za
T: +27837008862
E: anthony.thunstrom@kpmg.co.za Ilze Gouws
Head: Data Research
Katherine Miles T: +27218636200
Africa High Growth Markets ilze@nkc.co.za
KPMG in Africa
T: +27827107408 Cobus de Hart
E: katherine.miles@kpmg.co.za Economist
T: +27218636200
Shelley Hunt cobus@nkc.co.za
Africa High Growth Markets
KPMG in Africa Matt Quigley
T: +27827109807 Senior Economist & Head of Sales
E: shelley.hunt@kpmg.co.za T: +27795531370
matt@nkc.co.za

Christine Colyn
Head: Digital Publishing
T: +27218636200
christine@nkc.co.za

Trish Korte
Client Services Executive
T: +27218636200
trish@nkc.co.za

kpmg.com/social media kpmg.com/app

© 2014 KPMG Africa Limited, a Cayman Islands company and a member firm of the KPMG network of independent member firms
affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name, logo
and “cutting through complexity” are registered trademarks or trademarks of KPMG International. MC12305