Africa needs strong domestic corporate banks to drive development

Sharing insights: Viljoen PIC NYASA TIMES
Sharing insights: Viljoen PIC NYASA TIMES

Around the world, banks form the foundations of any economy by providing critical services that enable payments, working capital to grow businesses, finance to buy assets, interest on savings and investment accounts, and more. However, when looking at the sector, we must remember that banking isn't just about numbers and profits, it's also about improving lives and communities.

Although recognised for its importance in providing financial services like cash management, payment processing, and hedging structures to a diverse clientele of small and mid-sized enterprises to large corporations, the greater impact of corporate banks is often overlooked. This is particularly true for domestic African corporate banks that play a significant role in empowering people, businesses, and communities.

While they, of course, meet the financial needs of corporate entities, these banks also help to deepen the financial development of the region, strengthening financial markets to build an environment that is more attractive to investment. Ultimately, corporate banks facilitate long-term economic growth by enhancing the ability of firms and businesses to invest in long-term and seemingly risky initiatives.

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