Nigerian banks dominate

Trade and investment across
Africa is being financed by
Nigerian banks, which have
expanded into more than 30
countries across the continent
since a 2009 banking crisis
in the West African country,
according to a report by the
International Monetary Fund
(IMF).
According to the report,
the global economic crisis
gave Nigerian banks the
opportunity to expand in
Sub-Saharan Africa.
“Multinational European and
American banks downsized
their presence, creating
opportunity for African banks
to take that niche,” it says.
The report raises concerns
about the monitoring of
cross-border monetary flows
throughout the region, and
recommends that the Nigerian
Central Bank provide greater
oversight in order to protect the
Nigerian banking system.