Finding the Right Banking Partner in Africa, Here are the 3 Major Tips

Right Banking Partner in Africa – Africa as a continent has abundance invest opportunities ranging from Agriculture, service, technology, and telecommunication amounts others.

Africa’s economy is projected to continue to rise to 3.2 percent in 2018 and to a further 3.5 in 2019, this is according to the latest World Bank report released in  2018.

According to the report, non-resource intensive countries are expected to expand at a solid pace, helped by robust investment growth.

According to the latest World Bank report, Ghana, Ethiopia, Côte d’Ivoire, Senegal and Tanzania are amongst the world’s ten fastest growing economies this year.

With the vast opportunities available in Africa, any investor or entrepreneur who will like to tap into African green market will need definitely need the assistance of a financial institution in Africa.

However, considering the unpredictable nature of the African financial institution, there are some major indicators to help any entrepreneur to locate a right banking partner in Africa.

Here are 3 major tips in finding the right banking Partner in Africa as an investor

Right Banking Partner in Africa – Know the Bank’s Strength, Expertise and Track record

It is prudent to know the Bank’s Strength, Expertise and track record so as to know how well they can assist you with products adapted to Africa’s need and what they have done for other investors before. Also knowing what asset class they work with and if they offer equity or debt finance help you decide if it’s the right banking Partner fit for your business.

Right Banking Partner in Africa – Know their location globally

You want a partner who has a global outlook, but with local expertise.

Assess their footprint in Africa – and find out how expansive their presence on the ground is in the country you’re interested in. This extends to regional presence too if you’re looking to engage in cross-border transactions.

Do they have an extensive network of bank branches and ATMs for you to access across the country or countries you plan to operate in?

That physical presence means they’re likely to have a better understanding of the local landscape – with 54 countries in Africa, each environment is unique, and you want a partner who is able to help you navigate through it.

Right Banking Partner in Africa – Accessibility is Key

Embracing the digital revolution is no longer an option for financial services providers, with online banking playing a critical role in delivering innovative products within the globalised business environment.

While not all banks have adopted a “digital first” mindset, most offer basic electronic facilities that allow you to access your accounts online, whether personal or business.

But what about more advanced business needs – are their systems efficient enough to manage complex transactions like managing liquidity across a range of local and foreign currency bank accounts?

Getting a Right Banking Partner in Africa as an investor or entrepreneur the above points raised should be ones guide before starting any business in Africa.