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

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.

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.