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Africa’s reputation as a viable and profitable investment destination has grown in leaps and bounds and, importantly, its population presents a new market for many products and services.
Although it is sometimes narrow minded and naïve to consider the African economy as one entity or one whole, it can also be useful to consider the continent as an evolving organism, with many lessons learnt in one country, providing useful information for evaluating and doing business in another country. The ability to learn these lessons and adapt new strategies to new markets has been one of the greatest strengths of the major South African Banks in expanding their operations into other African countries.
Africa’s growth prospects are very positive. With the exception of 2009, the African economy has grown at about 5% or more every year for the last decade.
With African growth taking off, it is also clear that there is scope for many other investment banking, mortgage, project financing and other banking services. The four major South African banks have already demonstrated their ability to adapt to new markets and offer various services in different countries. They will undoubtedly continue their drive to capture more of the African market.