This emerged during the Institute of International Finance's (IIF) fourth annual Africa Financial Summit, recently hosted by FNB in Johannesburg.
Speaking about the challenges of mobilising resources for investment in Africa, Mike Vacy-Lyle, CEO of FNB Business, highlighted that the banking industry in Africa has shown tremendous growth, with significant future potential as it plays a key role in the economic development and stability of the continent.
Vacy-Lyle shared key banking trends that FNB has seen in Africa through its on-the-ground presence and local experience:
"Regardless of the challenges, we still believe there is a massive growth opportunity on the continent especially in the growing middle class where we are already seeing an increase in consumerism. Going forward growth will be less focused on the primary sector and commodities, with foreign direct investment most likely focused on the business services and manufacturing sectors," concluded Vacy-Lyle.