Financial sector development in Africa The financial system in Sub-Saharan Africa is generally bank based and somewhat less sophisticated than our developed country counterparts, with countries on different levels of development. However, there has been remarkable progress over the past two decades.
While the emergence of non-bank financial institutions and other alternative sources of capital, such as stock markets has been noticeable, with the exception of a few, financial systems are still dominated by informal finance and traditional banks, most of which are state or foreign-owned.