Banking

Rapid expansion of cross-border banking in Africa in recent years poses oversight challenges that, if unaddressed, may increase systemic risks, IMF staff said. A recent report noted that pan-African banks have a systemic presence in around 36 countries and are now more important than the continent’s long-established European and American banks. Pan-African banks are improving competition, especially in host countries with small markets, driving innovation, and bringing new opportunities for diversification for the home countries….