Home-grown African banks are stepping up expansion across the continent, powered by local knowledge and innovation.
Togo-based Ecobank has been particularly successful in pan-African expansion. It was established through a private-sector business initiative with the support of the Economic Community of West African States in 1985, when few commercial banks in the region were owned and managed by the African private sector. Today it has branches in 33 countries across sub-Saharan Africa. Nigeria-based United Bank for Africa (UBA) and South Africa’s Standard Bank each have a presence in 20 African countries. In North Africa, Moroccan banks are actively expanding southwards.
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