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 continents 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 penetration17 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.
2018 Daily News Egypt. Provided by SyndiGate Media Inc. (Syndigate.info).