In a report by the managing consulting firm – Accenture on the future on Africa’s banking sector, the firm introduced a market entry model for companies (in any sector) planning on setting up shop in Africa:
· Scan the landscape. Create a dedicated Africa task force to identify and understand the relative attractiveness of different markets and sectors, and the specialist skills and competitive advantages the company can bring to those it chooses to enter.
· Establish beachheads. Take small positions in local institutions as a base from which to seize emerging growth opportunities.
· Develop local models. Design, build and operate models that reflect, and are focused on meeting, specific local market needs.
· Build ecosystems. Seek out and establish partnerships, alliances and networks to help develop the local community and to support the chosen strategy going forward.
As the report reiterated, the diversity and complexity of individual country markets mean that a single pan-African strategy will likely fall short, however, the above mentioned strategy is a general idea of how to make the most of the African opportunity
