Kigali, Rwanda
Horn of Africa banks are set to benefit from a continent-wide banking boom after African sector revenues crossed the $100 billion mark for the first time, according to new McKinsey research.
The consultancy said African banks generated $99 billion in revenue in 2024 and an estimated $107 billion in 2025, while returns on equity reached 19 percent in 2024 and are projected at 17 percent in 2025, compared with a global average of about 10 percent.
McKinsey said the growth reflects rising financial inclusion, faster digital adoption and stronger demand from a young and urbanizing population.
The report did not publish Horn of Africa-specific revenue figures, but East Africa remains one of the fastest-growing banking regions on the continent, with Kenya still dominant and Ethiopia attracting growing attention as reforms continue.
