Banking - Guinea

Guinea

In Guinea, the Banking market is expected to witness a significant growth in Net Interest Income, reaching a projected value of US$3,467.00m in 2024.
Traditional Banks are set to dominate this market segment, with a projected market volume of US$3,456.00m in the same year.
Looking ahead, the Net Interest Income is anticipated to grow at an annual rate of 5.14% during the period 2024-2029, resulting in a market volume of US$4,454.00m by 2029.
When compared globally, China is expected to generate the highest Net Interest Income, with a projected value of US$4,332.0bn in 2024.
Guinea's banking market is experiencing a rise in digital banking services, with a growing number of customers embracing online and mobile banking platforms.

Key regions: United States, China, Japan, Brazil, United Kingdom

Definition:

The Banking market refers to the financial services sector providing financial products and services to individuals and businesses. Retail banking focuses on offering financial services to individual consumers, such as personal loans, savings and checking accounts, credit cards, and mortgages. Commercial banking, on the other hand, provides financial services to small and large businesses, including loans, lines of credit, and other financial products designed specifically for businesses.

Structure:

The market consists of two segments:
- The Traditional Banking market refers to the financial services sector that provides a range of financial products and services to individuals and businesses through store-based branches and other traditional channels.
- The Digital Banking market refers to the emerging market for digital-only banks that offer financial services through online and mobile platforms.

The market data comprises Net Interest Income, Bank Account Penetration rate, the value of Deposits, the number of depositors, the value of Loans, the number of borrowers, Credit Card Interest Income, the number of ATMs as well as the number of Bank Branches.

Additional information:

The Banking market is highly competitive and characterized by the presence of large global players as well as regional and local banks. Banks are continually seeking ways to improve their offerings and remain competitive by leveraging technology and offering innovative financial products and services. Additionally, changes in regulations and the growing trend toward digitalization are shaping the Retail & Commercial banking market, creating opportunities for new entrants, and forcing existing players to adapt.
Key players in this market are companies such as the Industrial and Commercial Bank of China Ltd., JPMorgan Chase & Co., and HSBC Holdings.

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Analyst Opinion

The Banking market in Guinea has been experiencing significant growth and transformation in recent years.

Customer preferences: Customers in Guinea are increasingly seeking digital banking solutions that offer convenience and accessibility. The shift towards online and mobile banking services is being driven by the younger population who are tech-savvy and prefer to manage their finances on-the-go. Additionally, there is a growing demand for personalized banking services tailored to individual needs and preferences.

Trends in the market: One notable trend in the Banking market in Guinea is the expansion of branch networks by both local and international banks. This trend is aimed at increasing financial inclusion and reaching unbanked populations in rural areas. Moreover, there is a rising interest in sustainable banking practices, with banks offering green financing options and investing in environmentally-friendly initiatives.

Local special circumstances: Guinea's banking sector is uniquely shaped by its political and economic landscape. The country has been working towards improving its regulatory framework to attract foreign investment and promote economic stability. Additionally, the prevalence of informal financial systems poses a challenge to traditional banks, leading to increased competition and the need for innovative solutions to reach underserved communities.

Underlying macroeconomic factors: The growth of the Banking market in Guinea is closely tied to the country's overall economic performance. Factors such as GDP growth, inflation rates, and government policies play a significant role in shaping the banking sector. As Guinea continues to focus on economic diversification and infrastructure development, the banking industry is expected to evolve to support these initiatives and drive sustainable growth.

Methodology

Data coverage:

Data encompasses B2B and B2C enterprises. Figures are based on Net Interest Income, Bank Account Penetration rate, the value of Deposits, the number of depositors, the value of Loans, the number of borrowers, Credit Card Interest Income, the number of ATMs as well as the number of Bank Branches.

Modeling approach / Market size:

Market sizes are determined by a combined Top-Down and Bottom-Up approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use data provided by the IMF, World Bank and the annual reports of the top 1000 Banks by asset size. Next we use relevant key market indicators and data from country-specific associations such as GDP, deposit interest rates, lending interest rates or bank account penetration rates. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, the S-curve function and exponential trend smoothing are well suited to forecast financial services for digital as well as traditional products and services.

Additional Notes:

The market is updated twice per year in case market dynamics change.