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Africa - The Ultimate Frontier Market: A guide to the business and investment opportunities in emerging Africa by David Mataen

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Chapter 7: The Growth of Credit

Background and perspective

It is said that credit is the oxygenated blood of an economy and the financial system is the circulatory system that carries credit to every tissue in the body of the economy, keeping it alive and giving it ability to generate new tissues (expand). Africa’s economies’ total lack of domestic credit over the years and the apparent absence of credible financial systems denied them the performance efficiency of a full-blooded circulatory system.

The concept of credit has remained alien in most parts of SSA for a long time, even today. People contemplating purchases depended solely on their own income and savings, or sold property and other assets to be able to make the payments. In ...

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