While China’s policy banks are lending to governments, India’s commercial banks are on the ground working with businesses and consumers
Chinese state-run policy banks may be leading the way in providing state-to-state finance, but commercial banks from India are capitalising on their historical ties with East Africa to grab a spot in the African banking market. The Chinese banking sector remains heavily regulated and Chinese commercial banks, other than the Industrial and Commercial Bank of China, have set up only small representative offices in Africa. Banks in both Asia and Africa have been quick to sign cooperation agreements, but most provide few details about the impact these partnerships make on profits. While trade levels between Africa and Asia continue to rise, the financial ties between the regions are set to grow with them.
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Some banks have been on the continent for decades but the rise in trade levels over the last decade has driven more competition to Africa
