SWIFT has released figures showing its business in Africa is outperforming the its growth globally, with African volumes growing by 16 per cent compared to 10 per cent worldwide.
The company said figures released at its 21st African Regional Conference in Marrakesh, Morocco, provide more evidence of Africa’s growth and long term trends, highlighting the continent’s vitality.
In the payments markets in Africa, volumes rose by almost 21 per cent compared to eight per cent worldwide, while many African countries saw quick growth in SWIFT traffic. Nigeria saw payments traffic grow by almost 42 per cent in the last year and 353 per cent in the past four years.
Speaking at the conference, Hugo Smit, head of Africa South at SWIFT, said: “Africa is an increasingly important market for SWIFT. Again this year it has outperformed most of our other regions and has proven itself a vital component of our business globally. Most importantly, we know that the continent has huge growth potential, so we are committed to dedicating more resources, services and opportunities to the local financial community.”
Africa’s total SWIFT traffic increased by 63 per cent over the last four years, compared to total growth globally of 36 per cent, with payments leading the way, seeing a 75 per cent rise over the same period compared to 37 per cent globally. Securities rose by 52 per cent in Africa compared to 41 per cent globally.
SWIFT said North African growth had not matched the rest of the continent, with SIDO Bestani, head of Middle East and North Africa for SWIFT, saying the region had not yet recovered from the effects of the Arab Spring.
SWIFT traffic growth for Morocco for 2013 was 2.7 per cent, compared to 39.5 per cent in 2011, but the company said volumes were beginning to recover, with 5.8 per cent growth in 2014 so far.
“It’s clear that North Africa has not yet recovered to its earlier growth levels, but the positive story is that volumes are coming back,” said Bestani. “It’s also important to note that in Morocco, for example, payments growth is very similar to that in Europe, and that securities traffic growth is aligned with Africa. So taking a broader view, the trend in Morocco is very positive.”
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