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Poised to power Africa's ascendant future

Standard Bank remains positive about the potential Africa has for growth, with vast opportunities identified in the areas of infrastructure, renewable energy, telecoms and new minerals as examples.

Standard Bank remains positive about the potential Africa has for growth, with vast opportunities identified in the areas of infrastructure, renewable energy, telecoms and new minerals as examples. Doing business in Africa requires careful consideration of local and global risks and opportunities. Standard Bank’s proactive response to this emerging landscape shapes its future sustainability and the execution of our strategy.

Financial services in sub-Saharan Africa contributed around 5% to GDP in 2022. Sub-Saharan Africa accounts for two thirds of all mobile money transactions, averaging USD2.3 billion per day. Mobile subscriber base is expected to exceed 1.2 billion by 2030. Infrastructure finance is estimated to be USD120 billion by 2025, bolstered by free trade zones and logistics infrastructure development for ports, roads, railways and airports. 65% of the world’s uncultivated arable land is in Africa. Agribusiness is projected to be USD1 trillion in Africa in 2030.

"Africa's economic landscape is on the brink of a transformative leap," said Yinka Sanni, Standard Bank CE for Africa Regions. "With GDP growth in sub-Saharan Africa expected to exceed 4%, and urban populations set to increase by 58%, we are witnessing the rise of a new era. The African Continental Free Trade Area (AfCFTA) is poised to amplify inter and intra-Africa trade flows, solidifying the continents position in the global market."

Standard Bank remains uniquely positioned to be part of the Africa growth story.

Standard Bank, with a presence in 20 African countries and 6 international financial centres, nearly 19 million customers, and 54,000 employees, is uniquely positioned to leverage this growth. "Our deep roots across the continent, combined with our expansive customer base and digital prowess, having facilitated almost 3 billion digital transactions last year, enable us to support the continent's people and be an integral part of its success story," Sanni emphasized.

The bank's commitment to environmental and social sustainability is evident in its support for Africa's trade, having facilitated trade flows to the value of R953 billion for Business and Commercial Banking (BCB) clients and over USD16 billion for Corporate and Investment Banking (CIB) clients in 2023.

"Our Personal and Private Banking division boasts 15.6 million active clients, and our network of over 6000 ATMs across the continent ensures financial accessibility for millions," Sanni added. "Moreover, our Business and Commercial Banking sector serves almost 820,000 active clients, reflecting our robust engagement with African enterprises."

Standard Bank's insurance business, with R1.5 trillion in assets under management, has seen a significant increase in new business to R3 billion and R12 billion in long-term indexed business. "This growth is a testament to our prudent management and our commitment to securing the financial well-being of our clients," stated Sanni.

In a world of evolving risks and opportunities, Standard Bank remains agile. "Our proactive approach to the emerging landscape shapes our sustainability and strategic execution. We are more than a bank; we are a trusted partner in Africa's success," concluded Sanni.