Foreign banks are pulling out of Africa after decades of operations saddled by declining profit and rising operational costs reflecting the continent’s changing investment landscape and the diminishing appeal in the financial services sector.
On-going exits are largely linked to increasing competition from telcos and financial technology (fintech) firms offering mobile and digital financial services, weakening currency, political instability in several countries, and rising cases of terrorism, a new study by the global rating agency Moody’s shows.
