African banking revenues have surpassed $100 billion for the first time, driven by strong profitability, digital growth and rising financial inclusion, according to a new McKinsey & Company report.

The sector generated $99 billion in revenue in 2024 and an estimated $107 billion in 2025, while returns on equity reached 19 percent in 2024 and are projected at 17 percent in 2025, compared with a global banking average of about 10 percent.

McKinsey said in its report, from potential to performance: A snapshot of African banking that revenues across the continent grew by about 17 percent annually in constant currency between 2020 and 2024.

The firm attributed the sector’s expansion to rising financial inclusion, rapid adoption of digital financial services and strong demand from a young, urbanizing population.

Despite the growth, African banking remains concentrated, with Egypt, Kenya, Morocco, Nigeria and South Africa accounting for about 70 percent of total banking revenues.

South Africa remains the continent’s largest banking market, with client-driven banking revenues of about $26.4 billion in 2024.

Lending remains the biggest revenue pool, generating just over $30 billion in 2024 and projected to rise to around $52 billion by 2030.

McKinsey said small and medium-sized enterprises are expected to become the fastest-growing customer segment, with SME banking revenues set to grow by about 8 percent annually through 2030.

Africa’s promise of deeper integration is being slowed by weak mobility links, outdated transport networks and persistent barriers to the movement of people, goods and services, according to a new report, Africa on the Move.

The report, released ahead of the Africa Forward Summit in Nairobi, says the continent cannot move forward without major improvements in connectivity, both “soft” mobility, such as visas, labor mobility and trade rules, and “hard” infrastructure, including roads, railways, aviation and digital networks. It argues that stronger mobility would accelerate the African Continental Free Trade Area, support regular migration within Africa and help unlock the continent’s economic potential.

The study says Africa’s internal connectivity remains heavily shaped by an old export model built around moving raw commodities out of the continent rather than linking African economies to one another. As a result, travel within Africa is often slower, more expensive and less direct than comparable journeys in other regions. Roads are frequently discontinuous, railways remain fragmented and underused, and air travel, though growing, is still costly and mostly outbound.

The report notes that only four countries — Mali, Niger, Rwanda and São Tomé and Príncipe — have ratified the African Union’s Free Movement of Persons Protocol, while only 28 percent of African citizens do not need a visa to travel to another African country. It says the limited recognition of educational and professional qualifications also makes it harder for Africans to study, work or move across borders.

Trade in goods and services faces similar obstacles. Beyond customs duties, exporters must deal with non-tariff barriers such as sanitary and phytosanitary rules, labeling requirements and packaging standards. The report says these measures, together with limited currency convertibility, create hidden costs that weaken intra-African commerce. It estimates the continent loses about 5 billion US dollars a year to currency conversion costs alone.

The report highlights the potential gains if the AfCFTA is fully implemented. It says intra-African trade could rise to 53 percent from about 18 percent of current African trade, the manufacturing sector could expand by 1 trillion US dollars, income gains could reach 470 billion US dollars and 14 million jobs could be created by 2035.

Transport infrastructure remains a major constraint. The report says roads are still the main mode of transport on the continent, but are often unsafe and discontinuous. Rail networks face low interoperability, old systems and limited access to seaports, while at least 13 countries, home to around 17 percent of Africa’s population, still lack direct rail access to seaports. Air transport is improving but remains expensive and geared more toward international than intra-African travel.

The report also points to the importance of continental and external investment in infrastructure. It cites the EU’s Global Gateway as a major effort to improve connectivity through strategic corridors, while also noting China’s continued role in African infrastructure, though often in support of outward-oriented trade flows.

At the same time, the document argues that mobility is not only about trade and transport, but also about people. Most African migrants remain within the continent, with 72.4 percent of sub-Saharan African migrants living elsewhere in Africa. The report says this reflects the reality that Africa is not a continent of mass exodus, but one where mobility is shaped by economic opportunity, regional tensions and uneven access to visas.

Passport restrictions remain a major barrier. The report says Africa has the weakest passport strength in the world and that 21 African countries grant visa-free access to fewer than 30 countries globally. It also notes that rejected Schengen visa applications cost African citizens about 60 million euros every year on average, with more than 706,000 applications rejected across the continent in 2024.

The report concludes that Africa’s mobility and connectivity gaps are not just technical problems but strategic ones. It says that improving movement across the continent would strengthen regional integration, expand employment opportunities for Africa’s growing youth population and improve the continent’s sovereignty and economic autonomy.

Forests remain essential to climate stability, biodiversity and livelihoods, but the world is still falling short of the action needed to halt deforestation and sustainably manage forest resources, according to the United Nations’ Global Forest Goals Report 2026.

The report, published by the UN Department of Economic and Social Affairs and the UN Forum on Forests Secretariat, says progress toward the six Global Forest Goals has been uneven. While some areas show positive momentum, the UN warns that forest loss, degradation and underinvestment continue to undermine global efforts to meet the 2030 target.

The report says forests are under growing pressure from deforestation, rising temperatures, economic uncertainty and geopolitical divisions. It notes that the UN Strategic Plan for Forests 2017–2030 provides the framework for collective action to end deforestation, restore degraded landscapes and protect the social and economic benefits forests provide.

According to the report, progress is particularly weak in the effort to stop forest loss, especially primary forest loss. It says Global Forest Goal 1 is only seeing mixed progress, with action needed to halt deforestation more quickly. At the same time, the report says financing for sustainable forest management remains far below what is required, even though some countries have expanded restoration efforts and improved governance.

The report also says forests remain central to livelihoods and poverty reduction, but that progress on improving the lives of forest-dependent communities is insufficient. It says forest-dependent people remain vulnerable to extreme poverty, while access to markets, finance, skills and secure tenure remains limited in many places.

On the more encouraging side, the UN says protection and management planning have improved in many regions, with Global Forest Goal 3 showing comparatively good progress, though still uneven across forest types and geographies. The report also says some progress has been made on policies, strategies and institutions for sustainable forest management, as well as on forest-related monitoring and stakeholder participation.

But the financial picture remains troubling. The report says funding for sustainable forest management is still far below global needs and that diversifying sources of finance remains a challenge. It calls for stronger partnerships, better governance and greater access to innovative financing mechanisms if countries are to protect forests at scale.

The report also highlights persistent problems with illegal logging, fragmented institutions and weak cross-sector coordination. It says forest issues are often treated as secondary in land-use decisions, even though they are closely linked to climate, biodiversity, food security and economic resilience.

UN Secretary-General António Guterres said forests are among the planet’s most vital natural assets because they support livelihoods, biodiversity and climate regulation. He warned that they face mounting threats and called for urgent measures to expand protected forests, increase funding and strengthen cooperation across sectors.

The report comes at a time when global forest governance is under pressure from compounding crises, including climate impacts, biodiversity loss and fiscal constraints. Yet it also points to signs of progress, including stronger national forest inventories, broader use of science and technology, and growing efforts by Indigenous Peoples and local communities to protect and restore forest landscapes.

The UN says the findings should serve as both a warning and a roadmap. If countries are to meet the Global Forest Goals by 2030, the report concludes, they will need scaled-up ambition, stronger institutions, more finance and sustained political commitment.