Corona to cost African banks almost $5 trillion

Corona to cost African banks almost $5 trillion - McKinsey
by VICTOR AMADALA
Image: FILE
Amid a muted global recovery, banks will face a profound challenge to ongoing operations that may persist beyond 2024.
African banks enjoyed one of the highest ROEs in the world
Banks in Africa could lose between $1.5 trillion to $4.7 trillion in revenue in four years to 2024 arising from Covid-19 economic turmoil, according to a survey by McKinsey.
In its latest annual banking review dubbed 'a test of resilience: Banking through the crisis and beyond', the US-based management consulting firm said affected as credit losses cascade through the economy and demand drops.

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