Retail Banking Regional Report: Middle East and Africa 2024

This report analyzes the key financials, competitive landscape, and drivers of relationship depth in retail banking markets in the Middle East and Africa.

Despite rate raises by central banks across the Middle East and Africa, strong mortgage growth is forecast in developing nations, particularly in Saudi Arabia and Turkiye. Financial inclusion, natural population growth, and immigration are key drivers, supported by digital transformation across the industry. Investments in infrastructure and government policies aimed at economic development are furthering this progress. Fintech companies and alternative digital providers, especially mobile wallets, have emerged as strong competitors to traditional banks, facilitating access to financial services for previously unbanked or underbanked populations.

Scope

• Net interest margin in Saudi Arabia fell by 2 percentage points over 2018-22.
• UAE banks capitalized the most on the high rate environment of 2022, boosting average return on assets compared to 2020.
• 23% of Nigerian consumers prefer to open a new current account with a digital wallet, the highest proportion in the region.

Reasons to Buy

• Keep up to date with the macroeconomic trends impacting the retail banking sector in the Middle East and Africa.
• Understand where the best opportunities exist by comparing countries based on factors ranging from average net interest margin to market concentration.
• Develop an understanding of the differences between consumers' research methods, average tenure, and channel usage across different countries in the region.