2024-02-14 23:30:49
The third edition of the African Financial Industry Barometer, presented by the Africa Financial Industry Summit (AFIS) and Deloitte, highlights the current state and prospects of the African financial industry. Despite a difficult global context, marked by macroeconomic uncertainties and market tensions, 95% of financial industry leaders are optimistic regarding the three-year economic outlook. In response to persistent inflation, the potential tightening of interest rate policy and the tightening of regulations, they continue to pay particular attention to their Asset-Liability Management (ALM), risk management (cybercrime and security in particular). ) and capital. This in particular thanks to the implementation of specific and pragmatic measures (more selective distribution approach, creation of guarantee funds and improvement of internal capital generation), to the detriment in certain cases of financing the real economy.
Leaders are emphasizing risk management, particularly due to inflation and stricter regulations.
The report highlights a significant increase in the digital maturity of African financial institutions, driven by the adoption of open banking and investments in cloud and innovative technologies. However, the effective use of artificial intelligence remains marginal.
African capital markets face challenges, particularly in terms of liquidity and access to capital, although financial performance remains strong. Green finance and carbon neutrality objectives still represent areas for considerable development, with few institutions engaged in concrete actions. Despite Africa’s annual climate finance needs of $250 billion, investments in green finance remain limited, with only 10% of respondents engaged in issuance of green bonds.
The perception of the attractiveness of the African financial industry has been impacted by political turbulence and the withdrawal of large international players, but this has provided opportunities for local banks to innovate and expand.
Finally, the report encourages the exploitation of pan-African opportunities and the establishment of a harmonized prudential framework to strengthen regional integration and support economic development. Deloitte and AFIS position themselves as key partners to support the sector in its evolution towards a prosperous and resilient future.
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