BCG listed the companies in its report entitled, ‘Pioneering One Africa: African Corporations Trail-blazing across the Continent’, according to a statement issued by Globacom in Lagos on Thursday.

The statement also mentioned United Bank for Africa and Jumia Nigeria among the distinguished companies.

“BCG identified 150 companies blazing the trail toward a more integrated Africa. They consist of 75 Africa-based companies and 75 multinational companies that have established impressive track records in Africa and are contributing to further integration of the continent.

“The African pioneers come from 18 countries on the continent including South Africa, Morocco; Kenya, Nigeria, Egypt, Côte d’Ivoire, Mauritius, Tanzania, and Tunisia.

“The multinational companies also listed in the report are mainly from France, United Kingdom and U.S, while the rest are from China, India, Indonesia, Qatar, and the UAE,’’ the statement said.

According to the statement, economic integration on the continent is gathering momentum, with the listed companies driving the process.

“BCG highlighted eight factors that explain how these companies are making their impacts felt on the continent. These include active expansion of footprint across African countries, building strong African brands and using local innovation,’’ it said.

It also identified investment in local talents and development of people advantage, building local ecosystems and facilitating movement of people, goods, and information among the factors.

“Fragmentation in Africa is greater than anywhere else in the world, and it adds significantly to the economic challenges facing countries that typically lack the critical mass to compete globally.

“Despite these barriers, we see more signs of economic integration with each passing month, quarter and year.

“The primary drivers come from within the continent, led by African businesses,” the statement quoted BCG’s Senior Partner and Co-author of the report, Patrick Dupoux, as saying

It also quoted another BCG Partner, Lisa Ivers, as saying that the past decade demonstrated that the listed companies were masterful at overcoming adversity.

“They have built impressive track records of creating value for themselves and advancing the development of the continent and its many economies.

“They know that continuing to drive the integration of the African markets where they do business is one key way to pave the road to greater success.”

It added that Globacom had over the years built a reputation as an African brand offering innovative solutions in voice and data services, thereby making telecommunication services more accessible.

The post BCG lists Dangote Group, Globacom, GTB among drivers of economic activities in Africa appeared first on New Mail Nigeria.

Almost 10 years since the financial crisis, the banking industry has not completely recovered, BCG said in an industry report.

North American banks accounted for nearly 63 per cent of the total fines, or about $204 billion, during 2009-2016, the consultancy firm said.

While US regulators have been more effective in imposing penalties and recovering fines from the banks, their counterparts in Europe and Asia are likely to step up pace, according to the BCG report.

The number of individual regulatory changes that banks must track on a global scale has more than tripled since 2011, to an average of 200 revisions per day, the report said.

Even though, US President Donald Trump has ordered reviews for possible regulatory changes and legislations modifying the Dodd-Frank Act, the consulting group said regulatory impacts would continue to cost banks a lot going forward.

Trump and other critics of the Dodd-Frank law say its regulations have hindered lending.

In February, Trump ordered reviews of major banking rules that were put in place after the 2008 financial crisis, in favour of looser banking regulation.

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The post Banks paid $321bn in fines since financial crisis – BCG appeared first on New Mail Nigeria.