Financial Services

  • Financial Services

Financial gain

An eagerness to embrace mobile payments has put Africa at the vanguard of innovation in the global financial services industry – and thanks to microfinance and other developments in banking, the continent looks set to stay there. 

From the mobile banking which brings many remote communities into the banking system, to the rapid growth of FinTech markets that are forecast to be worth over $3bn by 2020, Africa is undergoing a financial services revolution. Such developments have created opportunities for banks not only to expand, but also to challenge the established way of doing business. And alongside the rapidly maturing banking sector, there’s plenty of potential for growth in associated areas such as leasing, insurance, debt issuance and private equity. 

Sector at a glance

58% - The proportion of Kenyans with a mobile money account – the highest in the world

31% - The percentage of African adults who have sent money via a mobile phone

13% - The proportion of adults who borrow to develop their business

AllLife
 
AllLife provides life insurance to people living with HIV in South Africa and to others around the world with diabetes.
Brainworks
 
An investment holding and advisory company focusing on Zimbabwe and select markets in Sub-Saharan Africa.
Cellulant
 
Cellulant connects consumers and businesses across Africa through its electronic payments services.
DFCU
 
Providing a range of personal and business banking services through a network of 45 branches nationwide and an ATM network, as well as through mobile and internet banking.
Compuscan
 
One of the largest independent credit bureaus in Africa, operating in marketing, loyalty and rewards schemes, data analytics, and consultancy and training services.
Oragroup
 
Oragroup offers local and international customers a wide range of banking products and services.
Locafrique
 
Locafrique offers a broad range of services, from sale on credit to operational leasing.
Petra Trust
 
Petra Trust offers loans, mortgages and long-term savings accounts.
Sigma Pensions
 
Sigma Pensions manages and administers pension funds for more than 650,000 members.
Zoona
 
A money-transfer business with a network of 1,500 franchise agents in Zambia and Malawi.
Socremo
 
A commercial bank focusing on small and medium-sized enterprises (SMEs).