Africa banking set for growth

Africa's $107 billion financial services industry will log impressive growth for the rest of the decade as more banks target the continent's emerging middle class, a study by consultancy Bain & Company found. Bain Partner Andrew Tymms said the continent's financial services industry will continue to grow at a compound annual rate of 15 percent to 2020, outpacing gross domestic product growth. "Retail banking will grow faster than corporate banking ... to make up 38 percent of banking revenue by 2020, bringing in the previously unbanked population and shifting the experienced to sophisticated products," Tymms said.