African banks may lose Sh5tr to virus rebound risks

Banks must now begin focusing on post-pandemic growth.

African banks need to improve operating efficiencies and mitigate other risks quickly to avoid a revenue slump of as much as Sh5.28 trillion ($48 billion) over the next three years.

If risks go unchecked, multiple years of low profitability will likely follow, according to a report by global Management consulting company McKinsey. “Lessons from the 2008 economic crisis suggest that, in times of crisis, speed is everything.”