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Risk Management and Compliance in Banking in Africa

In: The Economics of Banking and Finance in Africa

Author

Listed:
  • Joseph Oscar Akotey

    (Kwame Nkrumah University of Science and Technology)

  • Emmanuel Sarpong-Kumankoma

    (University of Ghana Business School, Legon)

  • Kwamina Koranteng Asomaning

    (Stanbic Bank Ghana)

  • Oluseye Samuel Ajuwon

    (University of Lagos)

Abstract

This chapter covers compliance and how it affects the banking sector in Africa. Compliance is a governance system that equips a bank to act in accordance with the internal and external regulatory and supervisory requirements. It helps a bank to act within the law and survive through growth and profitability. Partial compliance is the same as total non-compliance, which has caused large banks to collapse, and others have been fined millions of dollars. The key lesson is, therefore: Comply or fail. Although the African banking sector has recorded increased market activity, its efficiency and stability are still below the global average. The country-specific analysis shows that whereas the stability of banks in Morocco is robust those in Ghana, Botswana and DR. Congo are fragile. This instability of banks in these countries has enormous implications for banks management and regulatory authorities in Africa.

Suggested Citation

  • Joseph Oscar Akotey & Emmanuel Sarpong-Kumankoma & Kwamina Koranteng Asomaning & Oluseye Samuel Ajuwon, 2022. "Risk Management and Compliance in Banking in Africa," Palgrave Macmillan Studies in Banking and Financial Institutions, in: Joshua Yindenaba Abor & Charles Komla Delali Adjasi (ed.), The Economics of Banking and Finance in Africa, chapter 0, pages 581-603, Palgrave Macmillan.
    • Handle: RePEc:pal:pmschp:978-3-031-04162-4_18
    DOI: 10.1007/978-3-031-04162-4_18
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