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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 16: Opportunities in Financial Services

Banking and financial sector growth has been at the core of recent expansion in national economies in Africa. This expansion is a key driver of economic growth because it mobilises domestic savings, enhances credit expansion and availability, and broadens payment systems and service distribution. In almost every African nation the financial sector is outgrowing GDP – for example in Kenya between 2000 and 2008 GDP grew by an average of 4% annually, while its financial sector grew by 9%. [245]

Going forward, an acceleration of the prevailing growth momentum may be anticipated as banks, local and international, move to seize emerging opportunities in the SSA business landscape. The overlying themes ...

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