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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.
THE STANDARD
BUSINESS
Although Covid-19 pandemic has hit the entire banking sector equally, a few banks have emerged as more equal than others.
Consequently, financial results that lenders have been churning out in the last two quarters have presented observers with what would better be described as “a great study in contrast.”
Already, banks such as NCBA and Standard Chartered, anticipating a difficult 2021 have slashed their workforce even as they prepared to replace them with technology.
Others such as Co-operative Bank have unveiled a paperless account-opening process that besides offering convenience to customers, will also help curb the spread of coronavirus by avoiding face-to-face interaction.