TRENDING
MODERN AND RESILIENT FINANCIAL INSTITUTIONS KEY TO AFRICA ’ S INNOVATION
One of the barriers for growth of African business is cashflow , driven by a combination of limited access to affordable financing , delayed payments , and emerging financial ecosystems . In South Africa , only 33 % of businesses report having access to credit , Johnson Idesoh at Absa Group and Srini Rao at LTIMindtree , explain further .
Africa as a continent is brimming with potential , making significant strides in technology , infrastructure development , and regulatory reforms , attracting global attention in financial markets . The African Development Bank Group ’ s latest Macroeconomic Performance Outlook of the continent highlighted how the continent will account for eleven of the world ’ s 20 fastest-growing economies in 2024 and how overall GDP growth for the continent is expected to average 3.8 % and 4.2 % in 2024 and 2025 respectively , higher than global averages .
Despite this unprecedented growth , some challenges still remain . The banking sector has evolved considerably in the past decade , but the continent ’ s evolving needs are presenting some new challenges . Technology and local market expertise go hand in hand in addressing these .
Africa must create a favourable business environment by developing robust financial infrastructure and implementing advanced electronic trading systems .
At present , one of the barriers to growth for some African businesses is cashflow , driven by a combination of limited access to affordable financing , delayed payments , and emerging financial ecosystems . In South Africa , for example , only 33 % of businesses report having access to credit , highlighting how only a small portion of businesses can secure loans and financial support .
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