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Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)
Key regions: France, Brazil, Germany, United Kingdom, United States
Amidst a rapidly evolving financial landscape in Benin, the Traditional Retail Banking market is experiencing notable shifts and developments.
Customer preferences: Customers in Benin are increasingly seeking convenience and accessibility in their banking experience, driving the demand for digital banking solutions. The preference for seamless online transactions and mobile banking services is on the rise, reflecting a global trend towards digitalization in the banking sector.
Trends in the market: In Benin, there is a noticeable trend towards the adoption of alternative banking channels such as mobile banking and agent banking services. This shift is driven by the need to reach unbanked populations in remote areas and provide financial services to a wider customer base. Additionally, traditional banks are diversifying their product offerings to include more tailored solutions for specific customer segments, such as youth and small businesses.
Local special circumstances: One of the unique aspects of the Traditional Retail Banking market in Benin is the presence of a large informal economy, which presents both challenges and opportunities for traditional banks. Informal financial practices are common in the country, leading to a need for innovative approaches to attract customers and promote financial inclusion. Partnerships with fintech companies and mobile money operators are becoming more prevalent as banks strive to tap into this market segment.
Underlying macroeconomic factors: The macroeconomic landscape in Benin, characterized by steady economic growth and a young population, is contributing to the development of the Traditional Retail Banking market. As the economy continues to expand, there is a growing demand for banking services and financial products, driving competition among traditional banks to innovate and differentiate themselves in the market. Additionally, government initiatives to promote financial inclusion and regulatory reforms are shaping the future of the banking sector in Benin.
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)