Contact
Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)
The Traditional Commercial Banking market in Western Africa is experiencing significant growth and development, driven by various factors shaping the region's economy and financial sector.
Customer preferences: Customers in Western Africa are increasingly turning to traditional commercial banks for their financial needs due to a growing trust in established banking institutions. The preference for personalized services, face-to-face interactions, and a wide range of banking products offered by traditional banks are key drivers of this trend.
Trends in the market: In Nigeria, one of the largest economies in Western Africa, traditional commercial banks are expanding their reach by leveraging technology to offer digital banking services. This trend is driven by the increasing adoption of mobile banking and online transactions among the tech-savvy population. In Ghana, the market is witnessing a trend towards sustainable banking practices, with traditional banks incorporating environmental and social considerations into their business models to attract socially conscious customers.
Local special circumstances: In countries like Senegal and Ivory Coast, the traditional commercial banking sector is influenced by government policies and regulations aimed at promoting financial inclusion and stability. Local banks are required to meet certain regulatory requirements and support government initiatives to drive economic growth and development. Additionally, cultural factors play a role in shaping customer preferences, with traditional banking practices and values influencing the market dynamics.
Underlying macroeconomic factors: The growth of the Traditional Commercial Banking market in Western Africa is also influenced by macroeconomic factors such as GDP growth, inflation rates, and foreign direct investment. Stable economic conditions and increasing investor confidence in the region are driving the demand for banking services. Moreover, regional integration efforts and trade agreements are creating opportunities for traditional banks to expand their operations across borders and tap into new markets.
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.Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)