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Continental shift: Opportunities for financial services in Africa

Western banks may be stepping back from Africa, but the continent offers some of the world’s fastest growing markets for financial services. Peter Wilson explores the opportunities that beckon.

FS Nov 19 cover imageWhen two entrepreneurs from London decided to chance their arms by setting up their own bank in Africa, they did so amid reports of explosive technological innovation, high profits and rapid expansion in financial services on the continent. Their big surprise when they opened a test branch in the Democratic Republic of Congo (DRC) and began signing up account holders was the level of competition they faced.

“There isn’t any competition for these customers at all,” says Dele Attah, a British software engineer of Nigerian descent who is co-owner and chief information officer of the new Avenir Bank.

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