Issue Three: Middle East and Africa
Company case studies: ADCB Bank, Tyme Bank
Africa's reputation is undergoing a drastic change as it sure-footedly evolves into a major business hub. Many parts of the continent are successfully adopting digital, which has led to an emerging class of digitally savvy consumers leading the march of economic growth. The Middle East is nimbly riding through the omnipresent political threats – US tensions with Iran in particular – and is adopting digital tools in a big way. As the GCC banks consolidate through mergers and acquisitions, the banking landscape is rapidly intersecting with digital tools leading to a new business model where size and scale are no longer dominant over digital outreach. The banking sector remains steadfast in the economic churn as Africa's banking industry has now become the second-fastest growing market in the world, behind only Latin America. The banking market grew at a CAGR of 11% in constant exchange rates between 2012 and 2017, while the next five years' growth has been pegged at 8.5%.