Deloitte's first African Financial Industry Barometer takes stock of the African financial industry in the face of the economic consequences of the pandemic. It also sheds light on its prospects for the future and recovery.

In a context of health crisis and increased competition from new players, financial institutions confirm their desire to transform their business model, governance and risk management capabilities. The African financial industry shows a 56% increase in attractiveness despite the recent departures of international groups.
The survey reveals that the top three priorities for financial institutions over the next 12 months are: digitization, operational efficiency and mastering emerging risks.
Digitization is for a large majority the first priority. 50% of institutions have started a digitization program and 80% of respondents will launch their digitization program in the short term (within the next 12 months). Financial institutions are facing significant pressure on their profitability, particularly in this context of growing claims.