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Recent Trends in Banking in Sub-Saharan Africa: from Financing to Investment

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Recent Trends in Banking in Sub-Saharan Africa: from Financing to Investment A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Bending, Tim et al. Research Report Recent trends in banking in sub-Saharan Africa: From financing to investment Regional Studies and Roundtables Provided in Cooperation with: European Investment Bank (EIB), Luxembourg Suggested Citation: Bending, Tim et al. (2015) : Recent trends in banking in sub-Saharan Africa: From financing to investment, Regional Studies and Roundtables, ISBN 978-92-861-2423-5, European Investment Bank (EIB), Luxembourg This Version is available at: http://hdl.handle.net/10419/163410 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially Creative Commons Licences), you genannten Lizenz gewährten Nutzungsrechte. may exercise further usage rights as specified in the indicated licence. www.econstor.eu Recent Trends in Banking in sub-Saharan Africa From Financing to Investment Recent Trends in Banking in sub-Saharan Africa from Financing to Investment July 2015 Lead authors Tim Bending, Economist, European Investment Bank Angus Downie, Head of Economic Research, Ecobank Thierry Giordano, Economist, CIRAD Arthur Minsat, Africa Economist, OECD Bruno Losch, Research Director, CIRAD Daniela Marchettini, Economist, International Monetary Fund, Africa Department Rodolfo Maino, Senior Economist, International Monetary Fund, Africa Department Mauro Mecagni, Assistant Director, International Monetary Fund, Africa Department Oskar Nelvin, Economist, European Investment Bank Habil Olaka, Chief Executive Officer, Bankers Association, Kenya Jared Osoro, Director, Kenya Bankers Association Centre for Research on Financial Markets and Policy Henri-Bernard Solignac-Lecomte, Head of Unit, OECD Development Centre Jean-Philippe Stijns, Senior Economist, European Investment Bank Stuart Theobald, Chairman, Intellidex Economics editor Jean-Philippe Stijns, Senior Economist, European Investment Bank Debora Revoltella, Director, Economics Department, European Investment Bank Editorial, linguistic and statistical support Paul Skinner, Senior Translator-Reviser, Deputy Head of Unit, European Investment Bank Dr. Polyxeni Kanelliadou, Assistant, European Investment Bank Magali Vetter, Administrative Assistant, European Investment Bank Jurate Cepulyte-Dubois, Project Manager, European Investment Bank Rafal Banaszek, Statistical and Reporting Analyst, European Investment Bank The articles in this document were discussed at a roundtable event hosted by the EIB’s Economics Department in Luxembourg in the context of the Africa Day hosted on 9 July 2015 by the European Investment Bank in cooperation with Luxembourg’s Presidency of the European Union. About the Economics Department of the EIB The mission of the EIB Economics Department is to provide economic analyses and studies to support the Bank in its operations and in its positioning, strategy and policy. The Department, a team of 35 economists and assistants, is headed by Debora Revoltella, Director of Economics. Disclaimer The views expressed in this document are those of the authors and do not necessarily reflect the position of the EIB. Recent Trends in Banking in sub-Saharan Africa: from Financing to Investment PREFACE Sub-Saharan Africa (SSA) has been experiencing in recent years high economic growth rates, significant government reforms and a rapidly expanding middle class. Development prospects for SSA remain promising, with real growth in SSA countries forecast by the IMF to be above 4 percent in 2015, a faster pace than for all other developing regions except China. However, the pace of growth for the region will be below the 4.4 percent annual average growth rate of the past two decades, as a marked slowdown in emerging markets has weakened demand for commodity exports from the region, with immediate negative effects on external and fiscal positions. Furthermore, once population growth is taken into account, the growth of real GDP per capita is forecast by the IMF to be 2.0 percent in 2015. In fact, relatively high population growth rates require GDP growth to accelerate in many SSA countries in order to create a sufficient number of jobs, particularly for young workers. The quality of economic growth also has to improve and the distribution of wealth needs to become more equitable. Poverty is still widespread: one in two sub-Saharan Africans continues to live on less than USD 1.25 a day. In spite of growth, the region’s average GDP per capita barely rises above USD 1 500 a year. SSA countries generally continue to score poorly in terms of infrastructure, adult literacy and life expectancy. With some notable exceptions, sub-Saharan African financial systems remain underdeveloped. The region’s banking sectors are typically concentrated and generally inefficient at financial intermediation. They are constrained by their small size. Competition is still limited, albeit increasing. According to the World Bank’s Financial Inclusion Database, only 34 percent of adults in SSA had a bank account in 2014, but this is up from 24 percent in 2011. Consequently, access to finance in sub-Saharan Africa, though expanding, remains among the lowest in the world and one of the key obstacles to the activity and growth of enterprises, especially micro, small and medium-sized enterprises. Encouragingly, ongoing structural changes, such as the emergence of pan-African banking groups and of mobile banking, are beginning to strengthen competition, to deepen sub- Saharan financial markets and to improve access to finance. The SSA region leads the world in mobile money accounts: while just 2 percent of adults worldwide have a mobile money account, 12 percent in SSA have one. Financial inclusion, while still unsatisfactory, is improving fast. The Economics Department coordinated this study to inform a Roundtable Discussion on “Recent Trends in Banking in sub-Saharan Africa: from Financing to Investment”. We are following up on our January 2013 Roundtable on “Banking in sub-Saharan Africa: Challenges and Opportunities”, with the aim of providing an update on the latest developments and trends in the banking sectors of sub-Saharan Africa. We were privileged to organise this year’s roundtable in the context of the Africa Day hosted on 9 July 2015 by the European Investment Bank in cooperation with Luxembourg’s Presidency of the European Union. The study aims to support the Bank’s initiatives in the region’s banking sectors and to discuss some of the key challenges and opportunities that lie ahead. In this second edition of our © European Investment Bank, July 2015 study, a survey of pan-African banks was piloted to capture key strategic positioning and market perceptions by the banks best placed in the region to contribute to financial sector deepening, private sector development and regional integration. This study is a collaborative effort with contributions from international financial institutions and some of the region’s leading banks and banking sector analysts. We express our sincere gratitude to all the institutions and individuals that have generously contributed to this study and to all EIB colleagues who have supported the publication of this edition of our study. Debora Revoltella Director Economics Department © European Investment Bank, July 2015 Recent Trends in Banking in sub-Saharan Africa: from Financing to Investment CONTENTS Introduction .................................................................................................................... 5 JEAN-PHILIPPE STIJNS Banking in sub-Saharan Africa: Key features and challenges ......................................... 9 MAURO MECAGNI, DANIELA MARCHETTINI, RODOLFO MAINO Banking in Southern Africa ........................................................................................... 39 STUART THEOBALD Banking in East Africa – formal integration following cross-border expansion ........... 55 HABIL OLAKA AND JARED OSORO Recent Trends in Banking in Central and West Africa .................................................. 71 ANGUS DOWNIE Unlocking the potential of African regions ................................................................... 87 THIERRY GIORDANO, BRUNO LOSCH, ARTHUR MINSAT, HENRI-BERNARD SOLIGNAC- LECOMTE Pan-African banks: stylised facts and results of a pilot survey .................................. 107 JEAN-PHILIPPE STIJNS The EIB in sub-Saharan Africa ..................................................................................... 131 OSKAR NELVIN AND TIM BENDING © European Investment Bank, July 2015 Recent Trends in Banking in sub-Saharan Africa: from Financing to Investment Introduction JEAN-PHILIPPE STIJNS
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