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Guiding an industry in transition
"Emerging markets are increasing their global power. Today, emerging markets serve as the world's economic growth engine, and the far-reaching effects of their spectacular rise continue to play out. But their risks are often downplayed. Therefore, taking advantage of emerging-market opportunities requires careful planning." - Emilio Pera, Financial Services Leader
Amid significant global regulatory reform, banks and securities firms are faced with numerous challenges and sweeping changes. How should banks' operating models evolve? Where are the greatest opportunities for growth? What is the most effective way to raise and manage capital?
These are some of the questions banks are wrestling with as they seek to comply with new regulations while meeting the expectations of customers and shareholders for service, transparency and return-on-investment.
We provide guidance in these key areas:
- Governance and regulatory framework
Across Africa there is a major focus on improving transparency and strengthening the governance and regulatory framework in the sector. Although few countries have opted to introduce Basel III yet, Basel II is being considered in a number of countries and consolidation in the market could follow as capital requirements are increased in line with new regulation. In South Africa a Twin Peaks regulatory framework will be implemented in the next year.
- The Global Regulatory Reform
The Global Regulatory Reform agenda as agreed at the G20 is gaining momentum with South African banks (Africa's largest banking market, with close on $500bn in assets) having to comply with the Basel III principles and an increased focus on areas like Recovery and Resolution planning (Living Wills), Treating Customers Fairly (TCF) and a renewed focus on executive remuneration.
Innovation in technology and specifically mobile banking is becoming critical to future reveune growth. Banks have already had successes in creating new revenue streams by enhancing payments between rural urban areas (M-PESA in Kenya), and secondly, by creating 24 hour transacting convenience (FNB, South Africa). As mobile penetration increases, and handsets become more sophisticated, the potential for providing financial services to un-banked populace is enormous.
- Thought Leadership
EY has launched a survey to help track changes in sentiment in the emerging markets and to provide insight into opportunities and challenges for both domestic and international banks operating in these markets. This report initiates our emerging market coverage and incorporates the results from the first edition of the survey.
- Our credentials
- IFRS conversion projects in Nigeria which includes assisting the Central Bankl of Nigeria with their own conversionas well as monitoring progress in the Nigerian banking sector on their behalf.
- Assisted Chinese and Indian banking groups to set up operations in South Africa, which will also be used as a base for growth into the rest of Africa,
- Internal audit and risk management solutions for a major Namibian bank across all jurisdictions in which they operate which incorporates the development of a leading methodology and structure, relevant to their environment.
+27 11 772 3491
Africa Financial Services Sector Leader
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Industry insights - Unlocking value in Africa
This Industry insights directory (pdf, 1.8mb) introduces you to our sector leaders for Africa and provides you with an overview of your industry, as well as a look at some of our credentials per sector.
Improving bank risk identification
Bill Schlich discusses the challenges banks face when dealing with vast amounts of data.