Ghana – the Banking Divide
As my company, Ornico, joins other South African brands in expanding into other countries in Africa, there are some interesting things we are discovering. Take Ghana: only 5% of the populace is served by the formal banking system. The rest use microfinancing companies or the informal ‘susu’ system.
The entry of Nigerian banks into the country has caused a stir in the traditionally conservative banking system, and this has resulted in a shake-up that gives customers more options. There’s an interesting analysis of the process in this article at the African Business magazine website.