Banking in Africa can be a profitable business for those stout-hearted enough to withstand occasional volatility. In recent years, the South African banks have begun expanding elsewhere in the continent and other well-established international banks – Barclays, Standard Chartered, Citibank – have been building out their networks there.
Standard Chartered, which operates in 14 African countries, has enjoyed record results in 2002, notably in Botswana, Cameroon, Ghana, Kenya and Zambia. Africa now accounts for 8% of the bank’s total profits and Standard Chartered has introduced some impressive technical innovations to business banking on the continent.
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