A study by management consulting firm McKinsey and Company Africa has ranked Africa 2nd in the world’s banking market in terms of growth and profitability.
According to the study, low banking penetration and income levels, as well as economies that are largely cash-based and viewed as a high credit risk, have long been considered major obstacles to the development of the continent’s banking sector.
But the McKinsey report further disclosed that the number of banked Africans grew from 170 million in 2012 to nearly 300 million last year, a figure that is expected to rise to 450 million in the next five years, with banking revenue rising to $129 billion from about $86 billion now. Read More.
Zimbabwe Urged to Embrace Consistent Legal Framework for Foreign Investors
The Head of Anglo American Platinum has urged Zimbabwe to offer foreign miners with a consistent legal framework, the right to keep a controlling stake in operations and a greater share of profits to encourage investment.
Zimbabwe is known to be home to the world’s second largest reserves of platinum after South Africa.
The move comes after reports came out that the country is pinning hopes on a recovery in its mining industry after a coup that pushed out veteran leader Robert Mugabe, whose rule saw the economy plunged into chaos. Read More.
Nigerians Continue Being Poor despite Slow Recovery from Recession, says IMF
A report by the International Monetary Fund (IMF) report has disclosed that the people of Nigeria continue being poor despite the country’s slow recovery from recession, and economic reforms are urgently needed, the International Monetary Fund.
The Fund expects the government to “muddle through” in the medium term, and any progress could also be threatened if elections next year consume political energy and resources, the report said. Read More.
Here are some Historical Events that took Place in South Africa
There is something deep and profound about the month of February in South Africa.
Former President FW De Klerk announced the release of our liberation struggle icon, Nelson Mandela on 2 February, and Mandela walked out of the Victor Venster Prison in Paarl after 27 years of incarceration on 11 February 1990. Read More.