The Zimbabwean Dollar dropped 40% against the US Dollar in March 2024

Over the years, the value of the Zimbabwean Dollar (ZWL) has been on a massive downward trend compared to the US Dollar (USD). This has led to the latter accounting for most of the domestic transactions in the Southern African country. The ZWL went from 10,152.5 to USD 1 as of January 1, 2024, to 30,674.3 on April 1, 2024. The Reserve Bank of Zimbabwe is introducing a gold-backed digital currency as a legal tender to stabilise its currency.

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Apr 2023 - Mar 2024
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The Agricultural sector receives an average of 4.4% of the total credit from Deposit Money Banks (DMB) annually
  • Despite being a key contributor to employment and food security, the Agricultural sector only gets an average of 4.4% of total DMB credit.
  • The Industrial sector consistently absorbs the largest loans, accounting for 42%–46% of total credit from January to September 2024.
  • The Services sector remains a top recipient of bank credit, with shares fluctuating between 37% and 41%.
  • The Government sector receives relatively low credit levels, averaging 4.9%, suggesting reliance on alternative funding sources rather than direct bank borrowing.

Less than 5% of Deposit Money Banks (DMBs) credit to the industrial sector goes to the power and energy industry
  • The Manufacturing industry received the lion’s share of DMB credit to the industrial sector, consistently surpassing 50% and peaking at 56.9% in September.
  • Despite being a crucial part of Nigeria’s economy, the Oil and Gas industry received 40–42.8% of the credit, which was less than the Manufacturing industry.
  • The Power and Energy industry received less than 5% of credit throughout the period, reflecting minimal support for the industry.
  • Manufacturing’s share increased from 52.4% in January to 56.9% in September, indicating growing prioritisation of this sector.
  • Approximately 0.2% of total credit was allocated to mining and quarrying, showcasing an almost complete neglect of this sector.

The number of individuals in Africa who own crypto increased by 8.5% between 2023 and 2024, the lowest growth among other regions.
  • Asia has the highest number of crypto owners globally, with 326.8 million individuals
  • Despite having the smallest crypto user base (3 million), Oceania experienced explosive 1-year growth of 114.3% in crypto ownership between 2023 and 2024.
  • Africa’s crypto ownership grew by just 8.5% over the past year, the lowest among all regions, with 43.5 million individuals owning cryptocurrency.
  • While some regions like Oceania and South America are experiencing rapid growth, Africa's slower adoption indicates barriers such as infrastructure and regulatory challenges.

Access Bank has evolved from a Nigerian bank to a pan-African financial institution

When Aigboje Aig-Imoukhuede and Herbert Wigwe acquired Access Bank in 2002, it ranked 65th in Nigeria. Today, it is the largest bank in Nigeria by asset size, with a vision to be Africa's most respected bank.

While its expansion across Africa has been aggressive, it has not been smooth sailing. Access Bank divested its holdings in Access Bank Côte d'Ivoire and Finbank Burundi, two of its earliest attempts at expansion. In Gambia, the Central Bank nationalised the bank in 2014. The nationalisation was short-lived as investors recapitalised the bank to meet the regulator's requirements for the takeover. With rolling five-year corporate plans since 2003, Access is in its fifth strategic cycle. Access' strategy cycle (2023-2027) indicates a plan to continue its expansion drive, invest in its subsidiaries, and acquire growth banks in strategic markets before consolidating and optimising its operations to drive capital growth.

UBA has the largest global footprint of Nigerian banks with an international licence
Seven Nigerian commercial banks have international authorisation. Per the new capital requirements, these banks must raise their shareholders' funds to ₦500 billion by April 2026, up from ₦50 billion, to retain their licences. All seven banks have footprints in the UK, where FCMB and Fidelity Bank operate, underutilising their licence. Ghana and Sierra Leone are the only countries where all the big five have a presence. While UBA is present in more countries than any other bank, Access is catching up quickly and poised to overtake it. In the past two years, it has expanded into over five countries, with plans to grow its presence to nearly 30 countries by 2027.

Nigeria: POS transactions surge over 10,700x in 14 years, as ATM use declines
As ATMs struggle with cash shortages, Nigerians have turned to POS to fill the gap — even when using them comes with higher fees. POS transactions in Nigeria jumped from just below one million in 2009 to nearly 10 billion in 2023. The largest single-year increase in POS transactions occurred in 2023, while ATM usage peaked in 2020 but has since dropped consistently. In 2021, POS transactions surpassed ATM volumes for the first time, signalling a major change in how Nigerians handle these financial services.

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