Africa has world’s second-fastest banking growth and profitability: McKinsey

Low banking penetration and income levels, as well as economies that are largely cash-based and viewed as a high credit risk, have long been considered major obstacles to the development of the continent’s banking sector.

But the McKinsey report released on Wednesday — drawing on performance data from 35 of Africa’s leading banks and surveys of banking executives and customers — said the number of banked Africans grew from 170 million in 2012 to nearly 300 million last year.


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