What do European Banks’ Cold Feet Mean for Africa?

Just a few years ago, UK and French banks were hyping Africa as a growth market and a place to burnish their sustainability credentials. But several have since sold subsidiaries across the continent. This might look like a bad sign for a continent with some of the world’s most urgent sustainable development challenges. But it leaves an opening for a new crop of pan-African banking groups that could boost financial inclusion and domestic investment. Two West African banks have been quick to capitalise on the departures. Burkina Faso’s Coris Group, founded in 2008, and Guinea’s Vista Group, launched in 2016, have both recently snapped up subsidiaries from French banks including SocGen. Both emphasise their work with small businesses that are frequently overlooked.

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