The Daily News Egypt

Egypt among top 5 African banking markets: McKinsey


Egypt was chosen among the top five banking markets in Africa in terms of growth and profitabil­ity, according to a study by management consulting firm McKinsey & Company.

The McKinsey report said that Egypt, Angola, Nigeria, South Africa, and Morocco account for 68% of the continent’s total banking revenues.

The report identified four archetypes among African banking markets: relatively mature, which includes countries such as Egypt and South Africa; fast- growing transition; sleeping giants; and nascent markets.

Relatively mature markets have higher branch penetratio­n— 17 branches per 100,000 adults versus the African average of five. They also have higher credit penetratio­n: 22% of adults, double the African average.

The report predicted that around 60% of retail banking revenues in the continent over the next five years will come from Egypt, Morocco, South Africa, Ghana, and Nigeria.

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McKinsey & Company

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