African banking set for impressive 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% to 2020, outpacing gross domestic product (GDP) growth. "Retail banking will grow faster than corporate banking ... to make up 38% of banking revenue by 2020, bringing in the previously unbanked population and shifting the experienced to sophisticated products," Tymms said.