Rising savings, increasing cross-border payment activity and growing participation in formal financial systems are emerging as some of the clearest indicators yet of substantial pent-up demand for economic activity across the continent.
The latest numbers from Standard Bank show a buildup of deposits by 12% to R2.5 trillion, while the value of domestic electronic payments grew by 11% and cross-border payment values increased by 7%. Serving 19.5 million active clients across 21 African countries, the bank says these trends point to a continent where households are saving more, businesses are transacting more and trade corridors are becoming increasingly active.
As the African Continental Free Trade Area (AfCFTA) gathers momentum and digital connectivity continues to expand, payment flows and savings behaviour are increasingly reflecting the emergence of deeper and more integrated African economies.