Market Insights Financial Banking Traditional Banks

Traditional Retail Banking - Ghana

Ghana

In Ghana, the Traditional Retail Banking market market is anticipated to witness a significant increase in Net Interest Income, reaching US$4.12bn in 2024.
Projections suggest that this figure will further grow at an annual growth rate (CAGR 2024-2029) of 5.25%, ultimately culminating in a market volume of US$5.32bn by 2029.
It is worth noting that when compared to other countries, in China will continue to dominate the global market, with an estimated Net Interest Income of US$2,426.0bn by 2024.
Traditional retail banking in Ghana is witnessing a surge in digital banking solutions to cater to the growing tech-savvy population.

Key regions: France, Brazil, Germany, United Kingdom, United States

Definition:
Traditional retail banking refers to the financial services sector that provides a range of financial products and services to individual consumers through store-based branches and other traditional channels. These services include personal loans, savings and checking accounts, credit cards, mortgages, and other financial products designed specifically for individual consumers.
Traditional retail banks have a long history of serving customers and have established relationships and a deep understanding of the financial needs of their communities. They offer a wide range of services and are able to provide personalized advice and support to their customers.
Despite facing increased competition and changing customer preferences, traditional retail banks continue to play a vital role in the financial landscape. They are continually seeking ways to improve their offerings and remain competitive by leveraging technology and offering innovative financial products and services.
Overall, traditional retail banking provides a wide range of financial services to individual consumers through established, trusted channels and continues to be an important part of the financial landscape.

Structure:
The market data comprises Net Interest Income, the value of Deposits, the value of Loans, Credit Card Interest Income, the number of ATMs as well as the number of Bank Branches.

Additional information:
The Banking market is highly competitive and characterized by the presence of large global players as well as regional and local banks. Banks are continually seeking ways to improve their offerings and remain competitive by leveraging technology and offering innovative financial products and services. Additionally, changes in regulations and the growing trend toward digitalization are shaping the retail and commercial banking market, creating opportunities for new entrants, and forcing existing players to adapt.

Key players in this market are companies such as Industrial and Commercial Bank of China Ltd., Bank of America Corp., and BNP Paribas.

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Analyst Opinion

The Traditional Retail Banking market in Ghana has been experiencing significant growth and development in recent years.

Customer preferences: Customers in Ghana are increasingly seeking convenient and accessible banking services, leading to a rise in digital banking options and mobile banking applications. The demand for personalized services and efficient customer support is also driving the market towards more customer-centric approaches.

Trends in the market: One notable trend in the Traditional Retail Banking market in Ghana is the expansion of branch networks to reach unbanked populations in rural areas. Additionally, there is a growing emphasis on financial inclusion and literacy programs to educate and empower more Ghanaians to participate in the formal banking sector.

Local special circumstances: Ghana's Traditional Retail Banking market is unique due to the presence of a diverse range of financial institutions, including both local banks and international players. This competitive landscape has spurred innovation and product differentiation, benefiting customers with a wider array of choices and services.

Underlying macroeconomic factors: The stability of Ghana's economy and the government's commitment to financial sector reforms have created a favorable environment for the growth of the Traditional Retail Banking market. Additionally, the increasing adoption of digital technologies and the country's young population are driving forces behind the market's evolution and modernization.

Methodology

Data coverage:

Data encompasses B2B and B2C enterprises. Figures are based on Net Interest Income, Bank Account Penetration rate, the value of Deposits, the number of depositors, the value of Loans, the number of borrowers, Credit Card Interest Income, the number of ATMs as well as the number of Bank Branches.

Modeling approach / Market size:

Market sizes are determined by a combined Top-Down and Bottom-Up approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use data provided by the IMF, World Bank and the annual reports of the top 1000 Banks by asset size. Next we use relevant key market indicators and data from country-specific associations such as GDP, deposit interest rates, lending interest rates or bank account penetration rates. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, the S-curve function and exponential trend smoothing are well suited to forecast financial services for digital as well as traditional products and services.

Additional Notes:

The market is updated twice per year in case market dynamics change.