Barclay’s executive argues Africa is the next frontier for finance
The world’s attention may be turning away from Europe toward the developing nations that conprise BRIC (Brazil, Russia, India, and China), but Barclay’s chief executive Bob Diamond argues in the Economist that Africa’s potential should not be overlooked.
“The success of mobile financial services and branchless banking in Africa is a case in point, and testament to the benefits which are flowing from such confluence. For that success is based on a combination of factors: a simple, low-cost and non-traditional technology platform; partnerships with mobile providers and distribution channels; and a light-touch regulatory framework. The right things are being brought together in the right way,” Diamond writes.