Africa is the second-largest continent in the world, with a population of approximately 1.1 billion (2013 estimate). Comprising of 54 countries, nine territories and two de facto independent states, the continent is strategically located between Europe and Asia. Although predominantly populated by African tribes, the vast continent boasts a diverse population, including Arabs, Europeans and Asians.
Following decolonization, a sizeable European population as well as large groups of Indian communities, who had been brought in to the British colonies, remained. Thus, Africa became renowned as the most multilingual continent in the world.
The economy is dependent on trade, industry, manufacturing, agriculture, tourism and more recently natural resources. In the recent years, Africa’s financial services sector has shown impressive growth, with many foreign investors pouring money into the continent. Some of the sub-sectors that are dominant in this region are private equity, asset management, insurance, banking, stock exchange, asset management, funds and investments, family office, fiduciary, private and corporate banking. The finance and banking sector is capitalising on the government’s focus on stringent regulatory measures and technological innovations, thus contributing to Africa’s economic boom.