Market Insights Financial Banking Traditional Banks

Traditional Retail Banking - Burkina Faso

Burkina Faso

In Burkina Faso, the Traditional Retail Banking market market is expected to witness a significant growth in Net Interest Income.
By the year 2024, it is projected to reach US$1.21bn.
Looking ahead, the market is anticipated to continue growing at an annual growth rate of 5.35% (CAGR 2024-2029), ultimately reaching a market volume of US$1.57bn by 2029.
When comparing the global scenario, it is worth noting that China will generate the highest Net Interest Income.
In 2024, China is expected to generate a staggering US$2,426.0bn in Net Interest Income.
Burkina Faso's traditional retail banking market is witnessing a surge in digital transformation, with mobile banking services gaining popularity among its tech-savvy population.

Key regions: France, Brazil, Germany, United Kingdom, United States

Definition:
Traditional retail banking refers to the financial services sector that provides a range of financial products and services to individual consumers through store-based branches and other traditional channels. These services include personal loans, savings and checking accounts, credit cards, mortgages, and other financial products designed specifically for individual consumers.
Traditional retail banks have a long history of serving customers and have established relationships and a deep understanding of the financial needs of their communities. They offer a wide range of services and are able to provide personalized advice and support to their customers.
Despite facing increased competition and changing customer preferences, traditional retail banks continue to play a vital role in the financial landscape. They are continually seeking ways to improve their offerings and remain competitive by leveraging technology and offering innovative financial products and services.
Overall, traditional retail banking provides a wide range of financial services to individual consumers through established, trusted channels and continues to be an important part of the financial landscape.

Structure:
The market data comprises Net Interest Income, the value of Deposits, the value of Loans, 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 and commercial banking market, creating opportunities for new entrants, and forcing existing players to adapt.

Key players in this market are companies such as Industrial and Commercial Bank of China Ltd., Bank of America Corp., and BNP Paribas.

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Analyst Opinion

The Traditional Retail Banking market in Burkina Faso is experiencing significant growth and development in response to changing customer preferences, evolving market trends, and unique local circumstances.

Customer preferences: Customers in Burkina Faso are increasingly seeking convenient and accessible banking services, driving the demand for traditional retail banking options. With a growing emphasis on financial inclusion and digital banking solutions globally, customers in Burkina Faso are also looking for innovative services that cater to their specific needs and preferences.

Trends in the market: One notable trend in the Burkina Faso retail banking market is the expansion of branch networks to reach a wider customer base, particularly in rural areas where access to banking services has traditionally been limited. Additionally, there is a rising adoption of digital banking solutions, such as mobile banking and online platforms, to enhance customer experience and streamline banking operations.

Local special circumstances: Burkina Faso's retail banking market is influenced by unique local circumstances, including a predominantly cash-based economy and a large unbanked population. As a result, traditional retail banks in the country are focusing on financial literacy programs and tailored products to encourage more individuals to participate in the formal banking sector.

Underlying macroeconomic factors: The growth of the traditional retail banking market in Burkina Faso is also supported by favorable macroeconomic conditions, such as stable economic growth, low inflation rates, and government initiatives to promote financial sector development. These factors create a conducive environment for banks to expand their services and invest in new technologies to meet the evolving needs of customers.

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.