The African Business Review Jan-Feb 2014 | Page 17

example, even though these countries are the continent’s main trading
partners – have shown any inclination to move into sub-Saharan Africa
(outside South Africa) in recent years. The main players in the African
banking sector’s development are African The continent currently has
a number of pan-African banks – Ecobank, Bank of Africa Group
(BOA), Standard Bank, United Bank for Africa (UBA) – which are
present in ten or more countries, and a good number of fast-growing
regional banks. It is these new players who are driving growth in the
banking sector, and who have exploited the opportunities available,
while the foreign banks, by contrast, have lost market share (figure 3).
Ecobank illustrates this trend effectively: in less than 20 years it has
become established in 30 African countries, ranking among the top
three banks in more than half of them and as no.1 in seven of these

at http://econ.worldbank.org/WBSITE/EXTERNAL/EXTDEC
EXTRESEARCH/0,,contentMDK:20696167~pagePK:64214825~
piPK:64214943~theSitePK:469382,00.html
EIB, 2013. Banking in sub-Saharan Africa – Challenges and
Opportunities, European Investment Bank, Working Paper.
PWC, 2012. Ghana Banking Survey, Pricewaterhouse Coopers,
Working Paper.
Ernst & Young, 2011. It’s time for Africa. Ernst & Young’s 2011 Africa
attractiveness survey.
Bankscope, 2011. Database.

Investors who take a long-term view and are
able to diversify their assets geographically are About the author:Proparco, the French development financial
Julien Lefilleur joined
guaranteed record returns on their investments institution (member of the French Development Agency group), in
2004. Having fulfilled a number of different positions – mainly in
on the continent.
markets. Such rapid expansion – which would not have been possible
in a competitive environment – shows the extent to which the African
market offers genuine potential.

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