Banking Sector in Africa & Top Ten Banks. Study Report November Page 1

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1 Banking Sector in Africa & Top Ten Banks Study Report November Page 1

2 Table of Contents 3 Banking in Africa: Industry Overview Introduction Challenges of Africa s Banking Sector Transformations of Africa s Banking Sector technological Innovation 8 Top 10 African Banks Top 10 African Banks by Tier 1 Growth Top 10 African Banks by Pre-tax Profits Growth Top 10 African Banks by Return on Assets and Key facts of the Banks Page 2

3 1Banking in Africa: Industry Overview Page 3

4 1.1 Introduction Banking in Africa has gone through dramatic changes in the last 20 years. In the 1980s, Africa s banking sector was dominated by the government-owned banks and was under strict regulation, which, according to World Bank Research Group included the interest rate ceilings and credit quotas. The last 20 years have brought financial liberalization, institutional and regulatory advancements and together with the globalization effect have changed the outlook of the financial systems in the region. Nowadays, most of the countries in the region present steady financial systems, even if there is also concentration, limited competition, high costs, short maturities and limited inclusion. There is also a high discrepancy between the economies of the countries in the region, as for example South Africa and Mauritius have equally developed banking systems and capital markets and at the end of the ranking come smaller and poorer countries such as South Sudan or Central African Republic with deprived banking systems which offer the most basic banking services, and with very few or even no financial institutions or capital markets. 1.2 Challenges of Africa s Banking Sector Specific characteristics which make banking in Africa more challenging than in other regions of the developing world, and are distinctive to almost all African economies: small size of the economies restricts the financial service providers to enjoy the advantages of scale economies; sizeable parts of the economy and numerous economic agents operate in the informal sector and do not hold the obligatory documentation to allow them to carry out financial transactions (i.e. many of them do not have even a formal address or the company registration documents); costs are augmented and risk management is weakened because of high volatility; governance issues which have a damaging effect on many private and government institutions in the region, and weaken the market-based delivery of financial services as well as the governments initiatives in sorting out the market fiascos. Page 4

5 All these factors are triggers for Africa s banking system to be even more challenging, but also triggering the urgency for innovative solutions. Beck et al. (2011) suggests that technology could minimize the costs and the risks of transactions, therefore permitting the processing of smaller transactions and enabling more domestic customers and enterprises to become bank customers. The featured challenges above can also be overcome by innovative products and efficient delivery channels. In terms of the indicators of access and use of financial services (bank accounts per 10,000 adults and bank branches per 100,000 adults as indicators) the Global Financial Development Indicators, World Bank explain that both indicators are significantly lower in the median African country than in a median non-african developing country i.e. existent 15 bank accounts per every 100 adults in the median African country compared to 42 bank accounts per every 100 adults outside the country, or 3.1 branches per 100,000 adults in Africa against 9.6 outside the country. Also, Africa banking system s modest outreach is represented in the use of formal finance by companies and households, with 21% of companies in Africa having a line of credit or loan obtained from a registered financial institution, compared to 43% outside the country, while 16.5% of adults in Africa reported to hold an account with a formal financial institution, against 21% outside the country. (Figure 1) 50 Access and Use of Financial Services International Benchmarking Bank accounts for 100 adults Bank branches per 100,000 adults Companies with line of credit to total companies (all companies) (%) Adults with an account with a registered financial institution to total adults (%) Sub-Saharan Africa Non-African developing countries Figure 1. Access and Use of Financial Services in Africa Page 5

6 1.3 Transformations of Africa s Banking Sector Ownership structure of the banking systems in Africa has experienced significant fluctuations in the past 20 years, as a consequence of the privatization trend in Africa in the 80s and 90s, where an increasing number of countries have been dominated by foreign banks and only a few banking systems remaining under the control of the governments. Cull and Martinez Peria (2012) detailed on the influence of the foreign bank ownership on the advancement, effectiveness and stability of the banking systems in Africa with advantages: foreign banks encourage governance; foreign banks bring in the required technology and expertise; foreign banks enable the usage of scale economies in small host countries; but also disadvantages: increased due diligence on customers reduce the number of loans awarded; small size of many financial markets in Sub-Saharan Africa trigger the hesitation of the foreign banks in investing in new products and technology for them. Banking diffusion within Africa s 1bn inhabitants is differing significantly from country to country, with countries such as Sudan and Senegal with almost no access to banks and banking services (Figure 2). Exclusion Zone-Population aged 15 and over with an account at a formal financial institution, 2011, % of total Figure 2. Banking Diffusion in African Countries Page 6

7 1.4 Technological Innovation The Journal of Economic Perspectives explains that mobile money transfer or the m-transfer schemes enable financial transactions using mobile phones and permitting customers to deposit and withdraw money from a bank account which can be accessed via a mobile phone. Center for Global Development reveals that since year 2005, m-transfers have been introduced in 80 developing countries in Africa, Asia and South America. The CGAP Research Center provides the example of Niger, where an m-transfer is offering a more cost-efficient way of applying a cash transfer program. M-Pesa, which is a mobile payment wallet and also the most successful mobile money model in Africa, has been launched in 2007 by the Kenyan mobile network operator, Safaricom. It has 15 million registered customers, an approximate of 35,000 agents to carry out cash transactions, and $665m per month transaction volume, according to Business Daily. The advantages of M-Pesa resulted in lower cost of transfers, an increase in the number of transfers, a higher chance of being formally banked and the reduction of deploying informal saving instruments, according to The National Bureau of Economic Research. Page 7

8 2Top 10 African Banks Page 8

9 2.1 Top 10 African Banks by Tier 1 Growth (The Banker database) Rank Rank top 100 Bank Year end Country Tier 1capital % change Tier 1 capital $m 1 64 Sterling Bank 12/13 Nigeria Banco Privado Atlantico 12/13 Angola Investec Bank Mauritius 03/14 Mauritius Diamond Trust Bank Kenya 12/13 Kenya Credit du Maroc 12/13 Morocco Standard Chartered Bank Nigeria 12/13 Nigeria CfC Stanbic Bank 12/13 Kenya National Microfinance Bank 12/13 Tanzania I&M Bank 12/13 Kenya Housing and Development Bank 12/13 Egypt Page 9

10 2.2 Top 10 African Banks by Pre-tax Profits Growth (The Banker database) Rank Rank top 100 Bank Year end Country Pre-tax profits % change Pre-tax profits $m 1 40 Stanbic IBTC Holdings 12/13 Nigeria Ecobank Nigeria 12/13 Nigeria National Bank of Kenya 12/13 Kenya CfC Stambic Bank 12/13 Kenya Amen Bank 12/13 Tunisia SBI Mauritius 03/14 Mauritius Afreximbank 12/13 Egypt Union Bancaire pour le Commerce et l Industrie 12/13 Tunisia Investec Bank Mauritius 03/14 Mauritius Trust Bank Algeria 12/13 Algeria Page 10

11 2.3 Top 10 African Banks by Return on Assets (The Banker database) Rank Rank top 100 Bank Year end Country ROA % Pre-tax profits $m 1 48 Equity Bank 12/13 Kenya Capitec Bank Holdings 02/14 S. Africa Standard Chartered Bank Kenya 12/13 Kenya National Microfinance Bank 12/13 Tanzania Ecobank Ghana 12/13 Ghana Barclays Bank Kenya 12/13 Kenya First National Bank of Botswana 06/14 Botswana Kenya Commercial Bank 12/13 Kenya I&M Bank 12/13 Kenya State Bank of Mauritius 12/13 Mauritius Page 11

12 Bank Country Products Key Facts Equity Bank Kenya Accounts, Loans Digital Banking, Card services 173 branches across Kenya, with 38 in the capital Nairobi. Equity Bank's business model has attracted both local and international recognition. On many occasions the Bank has been invited to various international forums and bodies to share on its successes. Equity has also become a hub of other institutions worldwide keen on learning and exchanging insights on the Equity model of extending financial services to the low income segment and the un-banked population. Capitec Bank Holdings South Africa Loans, Investment Banking, Savings, Investments, Debit Cards, Credit Cards, Commercial Banking 668 branches in South Africa, employees. When it comes to customer satisfaction as per the results by South African Customer Satisfaction Index (SAcsi) in 2015, Capitec Bank comes first with 82.2 points. Capitec Bank has emerged as the best bank in the world by International banking advisory group Lafferty in its inaugural Bank Quality Rankings. Standard Chartered Bank Kenya Loans, Checking, Savings, Investments, Debit Cards 34 branches and 1700 employees Among many other trophies, the Bank has been awarded World's Best Consumer Digital Bank for the fifth consecutive year and World's Best Mobile Banking for the first time by the prestigious Global Finance Awards. National Microfina nce Bank Tanzania Loans, Savings, Checking, Investments, Debit Cards, Credit Cards, Mortgages 175 branches and 3316 employees Initially NMB could only provide payment services as well as offer savings account, with limited lending capabilities, before becoming a fully-fledged universal retail bank. From 100 to 173 branches, 0 to 600 ATM s and from 600,000 customers to over 2 million customers, awarded as the best bank in Tanzania and recognition by international companies as the most dynamic and high growth company in Tanzania proves that within 10 years, NMB has paved way for NMB as the most solid and sustainable bank in the country. For the past years, NMB has collectively expanded much effort to improve itself, the bank has seen itself reaching top 10 of all banks in Africa ranked by size, also voted Best bank in Africa by Euro Money Magazine three times in a row, and Bank of the year by The bank magazine. Page 12

13 Bank Country Products Key Facts Ecobank Ghana Ghana Loans, Savings, Investments, Debit Cards, Credit Cards, Mortgages 79 branches. ECG is part of the Pan-African Bank Ecobank, which operates in 32 countries. While Ecobank s 20,331 employees make the group the largest employer of labor in the financial sector in Middle Africa, the bank operates as One Bank with common branding, standards, policies, and processes. This makes for consistent and reliable service to over 10 million customers across this unique network of 1,265 branches, 2,690 ATMs, and 13,800 POS machines. The bank runs an integrated information technology platform, with all of its operations successfully migrated onto a single core banking application: Oracle FLEXCUBE. Barclays Bank Kenya Kenya Loans, Credit Cards, Savings, Investments, mortgages 120 branches and approx employees Barclays has operated in Kenya for over 100 years. Financial strength coupled with extensive local and international resources have positioned Barclays Bank of Kenya as a top provider of financial services in the market. With an extensive footprint of branches and over 210 ATMs spread across the country, the bank boasts of years of superb financial performance that has built confidence among the Bank's shareholders, as well as a reputation as one of the leading blue chip companies on the Nairobi Stock Exchange. The bank also has robust Internet and Mobile Banking platforms as well as a 24/7 call center that offers superior service to all customers. First National Bank of Botswana Botswan a Loans, Credit Cards, Savings, Investments, Mortgages FNBB is a leader in banking innovative products and has emerged as first in many areas in Botswana; First to introduce a Pula based credit card; First to provide internet banking; First to bring incontact - real time transaction based SMS/ messaging; First Bank in Botswana to establish a charitable Foundation; First to introduce Cell phone Banking; First to introduce an instant accounting solution for SMMEs; First to introduce Mobile ATM; First to introduce a one stop payment solution: FirstPay Portal. Page 13

14 Bank Country Products Key Facts Kenya Commerci al Bank Kenya Loans, credit cards, savings, investments, mortgages 250 branches in the country, making it the largest banking network in the country. As of December 2015, KCB Bank Kenya was the largest commercial bank in Kenya with assets of more than US$3.681 billion and US$2.776 billion in customer deposits. I&M Bank Kenya Loans, retail accounts, credit cards, debit cards, savings, prepaid cards, trade finance, mortgages 35 branches I&M Bank's quality and impressive growth as well as progressive management practices have been recognized with many awards over the years and the Bank has been the recipient of several awards in the annually held Banking Awards Ceremony in Nairobi, including several awards for Product Innovation and for the Most Efficient Bank. State Bank of Mauritius Mauritiu s Loans, Savings, Checking, Investments, Debit Cards, Credit Cards, Mortgages 43 branches and 1100 employees The Bank has been awarded numerous awards, such as Best Innovation in Retail Banking Mauritius, and Best Private Bank Mauritius 2016 by International Banker Banking Awards 2016; Best Retail Bank - Mauritius by Banker Africa Southern Africa Awards 2016 Best E-Commerce Bank East Africa 2015 and Most Innovative Prepaid Card (SBM Smile Prepaid Cards) East Africa 2015 during the Global Banking & Finance Review Awards 2015; Bank of the Year - Mauritius by The Banker in 2014; Best Retail Bank in Africa by African Banker Awards Page 14

15 According to The Banker, returns in Africa are the highest in the world. Average return on capital in Africa is heading towards 25%, a number which is comparable only to the kind of returns global banks were achieving before the financial crisis, but not available for them anymore. If comparing the rate of return to Asia- Pacific region, it s slightly under 20%; North America, Central and Eastern Europe - slightly over 15% and 5% for Western Europe. Investing in Africa has its challenges, but to enter a high-growth market, with the best returns on capital in the world may have its rewards. Page 15

16 Copyrights Resilience& owns the copyrights of this document and all its contents. Page 16

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