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\u201cThere\u2019s a universal problem in our region, which is a lack of foreign currency, combined with rising inflation, shooting consumer price indices, and no investment products,\u201d says Ahmed Amer, CEO of Web3 tech provider EMURGO Labs. \u201cPeople basically only have two ways of investing their money, either in gold or in real estate.\u201d EMURGO has supported the launch of USDA, a stablecoin regulated by the US Securities and Exchange Commission that is pegged to the US dollar for trade finance and remittances.<\/p>\n\n\n\n
\u201cIt\u2019s really important that emerging economies start thinking outside of the box to develop new ways of attracting and preserving capital,\u201d Amer adds.<\/p>\n\n\n\n
Traditional banks are moving in the same direction. \u201cWe\u2019re investing heavily in building a group-wide data infrastructure, not only in Egypt but across our African footprint,\u201d says Islam Zekry, group CFO and COO at Commercial International Bank (Egypt), the country\u2019s largest private bank. \u201cOne clear opportunity lies in streamlining KYC and compliance processes. By creating an integrated data warehouse and sharing verified customer intelligence across our markets, we expect to reduce the cost to serve by 20% to 30%. We aspire to be a platform that attracts capital, connects businesses, and delivers a new standard of banking experiences, all while being proudly rooted in Egypt.\u201d<\/p>\n\n\n\n
Morocco is the second pillar of North Africa\u2019s economy. Decades of economic reforms encouraging private sector growth and infrastructure investment have turned the country into an FDI magnet. Today, Morocco is considered one of the best places in Africa to do business, with global giants including Procter & Gamble, Unilever, Siemens, and AstraZeneca setting up factories and regional headquarters in the kingdom. Despite global headwinds, the IMF expects Morocco\u2019s GDP to grow 3.9% this year.<\/p>\n\n\n\n
Tunisia Faces Headwings<\/h2>\n\n\n\n
Other North African countries present a different story.<\/p>\n\n\n\n
Mauritania, Algeria, and Libya remain largely shut off, rent-driven economies. In Tunisia, despite years of deep economic and financial turmoil, the government still has not enacted reforms that could unlock IMF support.<\/p>\n\n\n\n
Last year, the Central Bank of Tunisia had to step in to bail out the economy, and the IMF projects growth for 2025 at just 1.4%. That said, the banking sector has held up relatively well. In March, Moody\u2019s upgraded Tunisia\u2019s sovereign debt rating to Caa1 from Caa2, citing the central bank\u2019s ability to maintain stable foreign exchange reserves.<\/p>\n\n\n\n
\u201cResults for 2023, 2024, and the first half of 2025 demonstrate the resilience of Tunisian banks,\u201d argues BIAT\u2019s Jebir. \u201cI believe we can expect progress in Tunisia\u2019s next reviews, which would have a positive knock-on effect for banks\u2019 ratings. This would enable us to expand further internationally without being constrained.\u201d<\/p>\n\n\n\n
Tunisia\u2019s banking model is still largely brick-and-mortar, but modernization efforts are underway. This year, the government passed laws restricting the use of paper checks and encouraging digital payments. Jebir sees an opportunity in the shift.<\/p>\n\n\n\n
\u201cWe are developing a wide range of digital solutions for both retail and corporate clients,\u201d he says. \u201cAt the same time, we are reshaping our branch network into advisory and expertise centers, providing added value beyond the traditional services of a bank.\u201d<\/p>\n\n\n\n
A fintech ecosystem is emerging, with startups such as mobile wallet Floucy, but international investors remain cautious.<\/p>\n\n\n\n
\u201cIt\u2019s tough to operate there,\u201d says Amer, who has supported Tunisian startups in the past. \u201cI mean, it\u2019s very hard to attract FDI when your fiscal and monetary policy doesn\u2019t provide any confidence to the investors, right?\u201d<\/p>\n\n\n\n
Looking South<\/h2>\n\n\n\n
As their own economies improve, North African companies are looking south for expansion, supported by their banks. Moroccan lenders now operate across the continent; Bank of Africa, Attijariwafa, and BCP Group cover more than 25 African countries, from Senegal to Ethiopia. Egyptian banks, including CIB and Banque Misr, are following trade corridors in East Africa using Kenya as a regional base.<\/p>\n\n\n\n
\u201cWe\u2019re enhancing SME lending through digital partnerships, leveraging the country\u2019s well-developed ecosystem,\u201d says CIB\u2019s Zekry. \u201cWe\u2019re also advancing digital channels to scale access and deepen client engagement, reflecting our broader model of localized innovation with regional consistency.\u201d<\/p>\n\n\n\n
Zekry also sees growth potential in climate finance. \u201cAs we expand across Africa, a significant share of our growth will come from transitional finance, particularly in agricultural and underserved communities. We\u2019re introducing specialized services in these areas, not just as a development goal but because they make strong business sense.\u201d<\/p>\n\n\n\n
Cross-border trade, industrial strength, and financial innovation are opening new opportunities throughout North Africa, but structural issues remain. \u201cThe potential is massive, but reforms need to continue and the capacity to introduce new technologies will be critical,\u201d Amer observes. If these elements align, North Africa could realize its aspiration to become a strategic hub connecting Europe, the Middle East, and sub-Saharan Africa.<\/p>\n","protected":false},"excerpt":{"rendered":"
North Africa is emerging as a growth engine, led by Morocco and Egypt. But structural challenges persist. This year again, North Africa is the fastest…<\/p>\n","protected":false},"author":2,"featured_media":3265,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[38,15,47,16,43,44,4,7,354],"tags":[22,29,78,213,41,433],"class_list":["post-3264","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-africa","category-business","category-energy","category-finance","category-food","category-health","category-international","category-mena","category-morocco","tag-business","tag-egypt","tag-finance","tag-moroccan","tag-morocco","tag-tunis"],"yoast_head":"\n