For sub-Saharan Africa as a whole, issues of financial stability were mostly subsumed by the extension of financial services, reflecting in part the lack of depth in the credit markets in many countries of the region and hence the limited role that bank lending has played as a policy transmission mechanism and driver of inflation. However, things have been changing in that domain too.
Credit growth has been particularly strong in several countries of the region in recent years, and while credit deepening is a welcome development, it also, if unchecked, carries risks.