BPC in the present day introduced the launch of a new report that focuses on the regional market setting of Sub-Saharan Africa and related implications for key digital banking gamers. The detailed evaluation supplies a singular overview of the area’s financial and cultural dynamics and considers the fragmented banking infrastructure and arising technological developments.
Whereas there have been constructive developments lately, a major proportion of the Sub-Saharan African Market inhabitants stays unbanked. The report shares that 57 % of Africans don’t maintain any sort of checking account, together with cell cash accounts.
This evaluation outlines the present market setting and traits of profitable newcomers within the current aggressive panorama. It’s knowledgeable by numerous interviews with main specialists on the Sub-Saharan African banking market and leverages present specialist analysis and evaluation carried out by BPC and Fincog.
As digital-only banks have quickly emerged during the last decade, there are actually greater than 450 digital banks worldwide rising in quantity and measurement, typically with the imaginative and prescient of offering extra accessible and equitable banking companies.
“This report is a ground-breaking evaluation of the big potential ready to be unlocked within the area,” stated Frank Molla, Managing Director for Sub-Saharan Africa at BPC. “We’re proud to stipulate some rigorously assessed alternatives in addition to actionable recommendation on success elements for brand new gamers coming into the Sub-Saharan African banking market.
With a inhabitants of greater than 1.1 billion individuals, Sub-Saharan Africa makes up a major share of the worldwide inhabitants and in addition represents the world’s youngest total inhabitants, with a median age of underneath 19 years.
The pandemic has precipitated the economic system of Sub-Saharan Africa to contract by two per cent in 2020, one of many worst recessions in latest many years. Nonetheless, actual GDP is estimated to extend by 3.4 per cent this 12 months, reopening the area’s innovation frontiers in the second-fastest-growing banking market on the earth.
BPC has been energetic throughout Africa for over 15 years, serving banks, neobanks, rural banks and transport operators, contributing to higher monetary inclusion utilizing next-generation expertise. The corporate has constructed a robust status for understanding and mastering native banking and cost context and behavior.
It’s typically chosen because of its unparalleled functionality to help bold development by way of clients and anticipated transaction quantity. Whereas launching a brand new financial institution in an present economic system may have taken years from licensing to deployment, new economic system gamers are on the lookout for companions that may match their ambition to deploy rapidly and effectively whereas guaranteeing a sustainable enterprise mannequin.