Standard Bank Group is ramping up its push into Africa’s fast growing business banking market, targeting a revenue opportunity worth about R250 billion, equivalent to nearly $15 billion, as regional trade increases and small businesses become a stronger force in the continent’s economy.
The bank’s Business and Commercial Banking division is focusing its expansion strategy on some of Africa’s largest and fastest growing markets, including South Africa, Nigeria, Ghana, Kenya, Uganda and Tanzania, where most of the opportunity is concentrated.
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Bill Blackie, chief executive officer of the division, said around 85 percent of the targeted revenue pool is located in these key markets, reflecting their importance to the bank’s long term growth plans.
The strategy is part of Standard Bank’s broader goal to accelerate earnings growth through 2028 by strengthening its position among small and medium sized enterprises and mid
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