Africa’s banks have traditionally been parochial, rarely venturing beyond their home markets and, when they have, only doing so on a small scale. But in the past five years many have become much more adventurous, rapidly building up their foreign businesses.
Banks from the continent's biggest economies have largely led the way. Morocco’s Attijariwafa, thanks to quick expansion throughout Francophone west and central Africa, has become Africa’s biggest lender by assets outside of South Africa. Nigerian firms have moved abroad, too. United Bank for Africa (UBA) now operates in almost 20 countries apart from Nigeria, including ones as far afield as Mozambique and Zambia. Access Bank, First Bank and Guaranty Trust Bank, another three big Nigerian lenders, have also been growing their foreign arms. And banks from Kenya, east Africa’s dominant economy, are pushing into neighbouring countries more and more.