He that beats the drum for the mad man to dance is no better than the mad man himself. – African proverb
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The Africa they don’t show you
The African banking industry produced some of the highest returns on equity anywhere in the world in 2019, in some cases vastly outperforming their counterparts in more developed economies. Among the more dramatic examples are three of Global Finance’s 2020 Best Bank award winners: BNI Madagascar, with an ROE of 43.6%; Fidelity Bank Ghana, at 32.0%; and Zenith Bank in Nigeria, at 23.8%. For comparison, US banks’ average ROE has hovered in the range of 3% to 12% for the past decade, according to the Federal Reserve Bank of St. Louis.