Global Banks exit Africa: Who’s filling the gap?
In recent years, many European banks have scaled back or exited the African market, raising concerns about the continent’s economic and financial future. Banks such as Barclays, Credit Suisse, and Standard Chartered, have ceased or reduced operations in Uganda, Tanzania, Angola, Cameroon, and Zimbabwe, because of reasons including declining foreign investment in African markets, low profitability, and high risks. However, according to the CEO of United Bank for Africa, Mr. Abiola Bawuah, who is in Uganda for a visit, this presents an opportunity for local banks to fill the gap.
