Attijariwafa Bank closed the first half of 2026 with a consolidated balance sheet of 825.3 billion dirhams.
Net banking income reached 18.4 billion dirhams, while group net profit stood at approximately 5.9 billion dirhams.
These figures confirm the scale of Morocco’s largest banking group.
But size is not the most important signal.
Attijariwafa Bank is no longer developing only as a Moroccan bank with subsidiaries abroad.
It is increasingly becoming a financial operating system connecting households, companies, governments, investors and trade flows across several African markets.
Its branches distribute credit.
Its subsidiaries process payments.
Its investment-banking activities connect companies with capital.
Its insurance and specialised-finance businesses extend the relationship beyond traditional deposits and loans.
Its digital platforms create new routes into the formal financial system.
Its geographic network allows Moroccan companies to expand across Africa while supporting African businesses seeking access to Morocco and international markets.
The next stage will therefore not be judged only by the size of Attijariwafa Bank’s assets.
It will be judged by how effectively those assets finance productive companies, support regional integration and convert technology into broader financial access.
A Large Balance Sheet Creates A Larger Responsibility
A bank’s balance sheet represents more than corporate scale.
It shows the financial resources moving through the institution.
Deposits entrusted by households and businesses.
Loans provided to companies and consumers.
Government securities.
International operations.
Liquidity reserves.
Equity and long-term funding.
At 825.3 billion dirhams, Attijariwafa Bank has become economically important far beyond its own shareholders.
Its decisions influence investment, housing, working capital, trade and consumer demand.
A financing decision can help a company purchase equipment.
A rejected application can delay expansion.
A trade-finance facility can allow an exporter to enter another market.
A mortgage can turn documented household income into home ownership.
A restructuring agreement can help a viable company survive temporary pressure.
Scale therefore creates responsibility.
A large bank must remain profitable and financially resilient.
But it must also allocate capital intelligently.
The quality of the assets financed matters as much as the total amount deployed.
Profitability Must Support Future Investment
The group’s 5.9 billion dirhams in net profit provides capital for several purposes.
Shareholders expect a return.
Regulators require financial strength.
Technology systems need continuous investment.
New markets require capital.
Credit losses must be absorbed.
Employees need training.
Cybersecurity systems must be upgraded.
Branches and subsidiaries require modernisation.
A profitable bank is better positioned to carry these responsibilities.
Profit should not be treated as separate from economic development.
A financially weak bank cannot support companies consistently during difficult periods.
It may restrict lending when the economy needs financing most.
It may postpone technology investment.
It may become more dependent on external capital.
The strategic question is therefore not whether Attijariwafa Bank should generate strong earnings.
It is how those earnings are reinvested to strengthen the institution and the economies it serves.
Sustainable profitability creates the capacity to take productive risk.
Morocco Remains The Core Platform
Attijariwafa Bank’s African expansion is built on its Moroccan base.
Morocco provides the group with a large deposit market, established corporate relationships, regulatory experience and access to the Casablanca financial ecosystem.
The bank serves major industrial companies, SMEs, exporters, public institutions and households.
These domestic relationships generate knowledge that can be carried into other markets.
A Moroccan company expanding into Senegal, Côte d’Ivoire, Cameroon or another African economy may already bank with the group at home.
Attijariwafa Bank can support the company through local subsidiaries, trade services, currency solutions and market knowledge.
The same network can work in the opposite direction.
An African company seeking Moroccan suppliers, investors or banking relationships can use the group as a bridge.
This makes Morocco more than the location of the parent company.
It becomes the central platform through which regional financial relationships are organised.
The African Network Must Operate As One System
Geographic presence alone does not create a regional banking platform.
A group can own subsidiaries in several countries while each institution continues operating independently.
The customer then receives limited benefit from the wider network.
A genuine regional operating system requires integration.
A corporate client should be able to manage activity across markets through coherent services.
Trade documents should move efficiently.
Compliance information should not need to be rebuilt unnecessarily in each country.
Payments should become faster.
Treasury services should provide visibility across subsidiaries.
Credit decisions should reflect the complete relationship rather than one local account.
Employees should be able to share expertise while respecting national regulation and data requirements.
The value of Attijariwafa Bank’s African footprint will therefore depend on how effectively individual subsidiaries become parts of one coordinated network.
Integration can reduce duplication and improve service.
It must not erase the local knowledge that made each subsidiary valuable.
Local Banking Cannot Be Managed Entirely From Casablanca
African markets differ significantly.
Regulation.
Currency systems.
Income levels.
Business culture.
Digital adoption.
Employment structures.
Credit information.
Legal procedures.
Customer expectations.
A product successful in Morocco may require substantial adaptation elsewhere.
Centralised standards remain important for risk, governance, technology and capital allocation.
But local leadership must retain enough authority to respond to market reality.
A small business in Abidjan may face different financing needs from one in Casablanca.
A household in Dakar may use mobile payments differently from a customer in Rabat.
A regional agricultural company may require financing structured around production seasons unfamiliar to a centralised credit model.
Attijariwafa Bank’s advantage lies in combining group capability with local intelligence.
The system should be integrated without becoming distant from the markets it serves.
Corporate Banking Can Support Moroccan Expansion
Moroccan companies are becoming increasingly active across Africa.
Banks.
Telecommunications groups.
Construction companies.
Insurance providers.
Healthcare operators.
Industrial businesses.
Retailers.
Logistics companies.
Their expansion requires more than ordinary payments.
Companies need acquisition finance.
Project finance.
Guarantees.
Foreign-exchange management.
Payroll systems.
Trade facilities.
Local working capital.
Knowledge of regulation and commercial risk.
Attijariwafa Bank can support this movement through its regional presence.
This creates an important competitive relationship.
The bank grows when Moroccan companies expand.
Moroccan companies can expand more effectively when the bank provides local financial infrastructure.
The strongest model does not depend on financing only the largest groups.
It should also help Moroccan SMEs follow major companies into regional supply chains.
African Companies Can Use Morocco As A Capital Gateway
The regional strategy should not operate in only one direction.
Attijariwafa Bank can also help African companies access Morocco’s industrial, financial and commercial system.
A West African business may seek Moroccan suppliers.
An infrastructure operator may need investment partners.
A growing company may consider financing through Casablanca.
An exporter may need access to European markets through Moroccan logistics.
A financial group connecting these relationships can create value beyond ordinary lending.
It can introduce businesses.
Structure transactions.
Provide market intelligence.
Support due diligence.
Manage payments and currency exposure.
This role strengthens Morocco’s position as a regional financial hub.
Casablanca becomes more valuable when African companies view it as a place where capital, expertise and partnerships can be accessed.
Attijariwafa Bank can help turn that ambition into operating reality.
The New Strategy Must Move Beyond Asset Growth
Large banks can grow by expanding lending, deposits and geographic reach.
But growth without sufficient productivity can create complexity.
More branches increase operating costs.
More subsidiaries increase governance requirements.
More loans increase credit exposure.
More technology platforms can create fragmentation when they are not integrated.
The next phase should therefore focus on quality as much as scale.
Revenue per customer.
Digital adoption.
Cost efficiency.
Credit quality.
Cross-border activity.
SME penetration.
Customer satisfaction.
Employee productivity.
Capital use.
These indicators reveal whether the network is becoming stronger rather than merely larger.
An 825.3 billion dirham balance sheet provides scale.
The strategic return depends on what the group can do with that scale more efficiently than smaller competitors.
SIMPLE Represents A New Entry Point
The launch of SIMPLE, presented as Morocco’s first fully digital neobank, signals an important change in Attijariwafa Bank’s approach.
Traditional banking relationships begin through branches, documents and direct interaction with employees.
Digital banking attempts to reduce that friction.
Customers can open or manage relationships through mobile systems.
Payments become immediate.
Routine requests can be completed without visiting a physical location.
This can lower the cost of serving customers and extend access to people who may not use a conventional branch regularly.
But a neobank should not be judged only by the number of downloads.
The important indicators are deeper.
How many accounts become active?
How regularly are they used?
Do customers build savings?
Can the platform support responsible access to credit?
Does it bring previously underserved users into formal finance?
Does it remain reliable during periods of high demand?
A digital account creates value when it becomes part of the customer’s financial life.
Digital Banking Must Solve Real Problems
Technology should reduce friction, not simply move it from the branch to the phone.
A customer needs to understand pricing.
Registration should be clear.
Identity verification should work consistently.
Payments should arrive on time.
Account recovery should be secure.
Customer support should remain available when automated systems cannot solve the problem.
Digital platforms must also function across different devices, literacy levels and connectivity conditions.
A sophisticated application available only to highly confident digital users will not deliver broad inclusion.
The strongest digital banking platform makes complex financial services feel simple without weakening security.
Attijariwafa Bank already possesses a large physical and institutional network.
Its advantage over smaller digital competitors lies in combining technological convenience with financial depth and human support.
The digital channel should strengthen the wider bank rather than become an isolated product.
Branches Will Change Rather Than Disappear
Digital banking reduces the need for customers to visit branches for routine operations.
This does not automatically make branches irrelevant.
Their purpose can change.
Employees can spend less time processing basic transactions and more time providing advice.
SMEs may need support preparing financing applications.
Households may need guidance on mortgages, savings and insurance.
Entrepreneurs may require help structuring cash flow.
Older or less digitally confident customers may still prefer face-to-face service.
Complex financial decisions often require trust and explanation.
The future branch may therefore become smaller, more advisory and more specialised.
This transition requires new employee skills.
Staff must understand digital systems, financial planning and customer needs more deeply.
Technology should improve the value of human interaction rather than simply reduce headcount.
Artificial Intelligence Must Improve Decisions
Attijariwafa Bank’s new strategic direction places increasing emphasis on artificial intelligence.
Banking offers many possible applications.
Fraud detection.
Credit analysis.
Customer service.
Document processing.
Compliance monitoring.
Cash-flow forecasting.
Personalised financial recommendations.
Operational risk.
Artificial intelligence can help identify patterns too complex for manual systems.
But adoption must remain disciplined.
A bank should not deploy AI merely to appear technologically advanced.
The system must solve a defined operational problem and produce measurable results.
Faster decisions.
Lower fraud.
Better customer response.
Reduced administrative cost.
Improved credit monitoring.
Every use should also include clear accountability.
A machine can support a decision.
The institution remains responsible for the outcome.
Credit Decisions Need Human Accountability
Artificial intelligence can improve risk assessment by analysing larger volumes of information.
But financial decisions affect people and companies directly.
A rejected loan can prevent a business from investing.
A mistaken fraud alert can block essential funds.
An automated recommendation can encourage unsuitable borrowing.
Models may reproduce weaknesses contained in historical data.
Informal businesses, young entrepreneurs or customers with limited financial records can be difficult to evaluate through conventional patterns.
Attijariwafa Bank must therefore combine technology with oversight.
Customers should be able to understand important decisions and challenge errors.
Credit teams should know when automated outputs require additional investigation.
Model performance should be reviewed across different customer groups.
Responsible AI is not only a compliance requirement.
It protects trust, which remains one of banking’s most valuable assets.
Cybersecurity Is Now Core Banking Infrastructure
A larger digital bank creates a larger digital attack surface.
Customer accounts.
Payment systems.
Mobile applications.
Corporate platforms.
Internal networks.
Cross-border connections.
Every part of the system must be protected.
Cybersecurity cannot remain only an information-technology function.
It is a core banking risk.
Attacks can interrupt service, expose data or damage customer confidence.
The group must invest continuously in prevention, detection and recovery.
Employees require regular training because human error remains a major vulnerability.
Customers also need clear warnings about fraud, impersonation and unsafe payment requests.
Regional integration adds another challenge.
Security standards must remain consistent across subsidiaries with different local systems and levels of digital maturity.
The weakest point in a connected network can expose the wider group.
SME Financing Is The Real Inclusion Test
Large corporate clients generally possess audited accounts, collateral and professional finance teams.
SMEs often face greater difficulty.
Financial reporting may be limited.
Cash flows can be irregular.
Collateral may be insufficient.
The owner may combine personal and business finances.
A viable company can therefore struggle to demonstrate its creditworthiness.
Attijariwafa Bank has an opportunity to use transaction data and digital tools to improve SME assessment.
Account flows.
Invoices.
Tax records.
Payment behaviour.
Supplier contracts.
These indicators can provide a more complete view than physical collateral alone.
But data must not replace business understanding.
A strong SME relationship requires knowledge of the sector, owner and market.
The objective is not easier credit without discipline.
It is more accurate credit capable of identifying businesses that traditional models may overlook.
The Informal Economy Requires A Gradual Route In
A significant part of African economic activity remains informal.
Businesses may generate real revenue without complete accounting or registration.
Workers may receive cash.
Transactions may not enter the banking system.
This limits access to finance and reduces economic visibility.
Banks cannot formalise these businesses through lending alone.
The transition must be gradual.
Affordable accounts.
Simple payments.
Merchant tools.
Digital invoicing.
Savings products.
Financial education.
Small working-capital facilities linked to visible transactions.
As activity becomes documented, customers can build a financial history.
The bank gains better information.
The business gains access to stronger services.
Formalisation becomes attractive when it produces practical opportunity rather than only additional obligations.
Payments Can Become The Foundation
The first financial service used by many customers is not a loan.
It is a payment.
Receiving salary.
Paying a supplier.
Collecting customer revenue.
Sending money to family.
Purchasing online.
A bank that controls reliable payment relationships gains insight into real economic activity.
This can support later services.
Savings.
Insurance.
Credit.
Investment.
Cash management.
Payments are therefore not a minor transaction business.
They are the foundation of the financial relationship.
Attijariwafa Bank’s digital strategy should make payments faster, clearer and more interoperable across its markets.
The strongest platform will connect bank accounts, merchants, companies and mobile users without unnecessary barriers.
Cross-Border Payments Remain Too Difficult
African trade is often slowed by the difficulty of moving money across borders.
Companies face different currencies, compliance requirements and banking systems.
Payments can take time.
Fees may be unclear.
Exchange-rate exposure can weaken margins.
Smaller businesses are affected particularly strongly because they have less ability to absorb delay and complexity.
Attijariwafa Bank’s regional footprint creates an opportunity to simplify these flows.
A business operating through subsidiaries within the same group should benefit from stronger coordination.
Documentation can be standardised where regulation permits.
Payment tracking can improve.
Foreign-exchange solutions can become more accessible.
Trade finance can support the period between shipment and payment.
Reducing financial friction is one of the most practical ways a regional bank can support African integration.
The African Continental Market Creates Opportunity
The African Continental Free Trade Area aims to increase trade between African economies.
The commercial ambition is substantial.
But trade agreements alone do not move goods.
Businesses need logistics, insurance, financing, payments and reliable information.
Banks are therefore central to implementation.
Attijariwafa Bank can support companies entering unfamiliar African markets.
Letters of credit.
Guarantees.
Currency management.
Working capital.
Buyer verification.
Local accounts.
These tools reduce uncertainty.
The bank can also identify corridors where demand is developing and connect customers across its network.
A Moroccan manufacturer may find a distributor in West Africa.
An African agricultural processor may connect with Moroccan packaging or logistics expertise.
The bank’s value lies in helping those relationships move from introduction to transaction.
Trade Finance Must Reach Smaller Companies
Large corporations already use sophisticated trade-finance instruments.
SMEs may find them expensive, complex or difficult to access.
Yet smaller businesses often face the greatest cross-border risk.
They cannot absorb non-payment easily.
They may depend on one major shipment.
They may have limited knowledge of the buyer’s market.
Simplified trade products can support their expansion.
Clear documentation.
Smaller transaction thresholds.
Digital tracking.
Advisory support.
Credit insurance partnerships.
The goal should be to make cross-border trade safer without making the process inaccessible.
Attijariwafa Bank can use its corporate relationships and regional knowledge to reduce information gaps.
When SMEs can export more safely, the bank supports both revenue growth and economic diversification.
Investment Banking Can Create African Champions
Traditional lending is only one route to business growth.
Companies may need equity, bonds, acquisitions or strategic investors.
Attijari Finances Corp and the group’s capital-market capabilities can support these transactions.
A growing African company may seek to acquire a competitor.
A family business may need succession capital.
An infrastructure project may require long-term financing.
A mature group may consider a stock-market listing.
Investment banking connects these needs with capital.
This role becomes increasingly important as African companies grow beyond what ordinary bank debt can support.
Attijariwafa Bank can help create regional champions by structuring transactions that bring together Moroccan, African and international investors.
The strongest outcome is not only earning advisory fees.
It is increasing the number of companies capable of operating at continental scale.
Capital Markets Can Reduce Dependence On Bank Debt
African economies rely heavily on banks.
This gives banking groups substantial responsibility but also creates concentration.
Not every investment should be financed through loans.
Long-term infrastructure, technology and rapid corporate expansion may require equity or bond financing.
Capital markets distribute risk across a wider investor base.
Attijariwafa Bank can help deepen these markets.
Preparing issuers.
Structuring bonds.
Advising on listings.
Connecting institutional investors.
Providing research.
Supporting secondary-market liquidity.
A stronger capital market does not weaken the banking business.
It creates more sophisticated clients and a broader financial ecosystem.
The bank can participate through advisory, custody, trading and asset management while preserving lending capacity for activities suited to debt.
Insurance Strengthens The Financial Relationship
Banking customers face risks extending beyond credit.
Health.
Property.
Business interruption.
Death.
Agriculture.
Transport.
Insurance allows households and companies to manage those risks more predictably.
Attijariwafa Bank’s wider financial ecosystem can connect banking with insurance and specialised services.
This creates commercial opportunity, but products must remain suitable and clearly explained.
Customers should understand what is covered, what is excluded and how claims work.
Insurance sold as a secondary addition without sufficient transparency can damage trust.
The strongest model integrates protection into real financial planning.
A mortgage borrower may need appropriate property and life protection.
An SME may need coverage connected to equipment, transport or employee risk.
Insurance becomes valuable when it protects economic continuity rather than merely increasing product sales.
Household Credit Requires Discipline
Formal salary growth and digital financial records can expand access to consumer credit.
This supports housing, education, transport and household investment.
But easy credit can create vulnerability when repayment exceeds sustainable income.
A large bank must balance commercial growth with customer protection.
Affordability should remain central.
Loan terms should be understandable.
Fees should be visible.
Customers should know the total cost before signing.
Digital credit decisions can become faster, but speed must not remove reflection.
Responsible lending protects households and the bank simultaneously.
A borrower who can repay sustainably becomes a long-term customer.
A borrower pushed beyond capacity creates financial and social cost.
Housing Finance Can Support A Wider Ecosystem
Mortgages connect households, developers, insurers, notaries and public programmes.
Attijariwafa Bank can use its scale to improve this ecosystem.
Documented payroll data can strengthen affordability assessment.
Digital processes can reduce delays.
Partnerships with developers can connect supply with realistic demand.
Products can respond to first-time buyers, diaspora clients and different income levels.
But housing finance must remain linked to sustainable prices.
Credit should not be used simply to support ever-higher property valuations.
The strongest system helps households purchase appropriate homes while protecting long-term repayment capacity.
A deep mortgage market is valuable when it supports ownership and construction without creating excessive household risk.
The Diaspora Is A Strategic Financial Market
Moroccans living abroad maintain important financial relationships with the country.
Transfers.
Savings.
Property.
Business investment.
Family support.
Retirement planning.
Attijariwafa Bank can serve these needs through its European and international presence.
But the diaspora should not be treated only as a source of remittances.
Many members possess professional expertise, capital and international networks.
They may want to invest in Moroccan companies, start businesses or finance property.
Younger generations may expect entirely digital services and communicate more comfortably in English, Dutch, Spanish or other languages.
The bank must adapt to this changing profile.
A strong diaspora platform can convert emotional connection into structured long-term investment.
Climate Risk Has Become Credit Risk
Water scarcity, heat, drought and extreme weather affect borrowers directly.
Farmers face changing production.
Tourism projects depend on water availability.
Industrial sites require reliable energy and infrastructure.
Real estate may become exposed to climate and insurance costs.
Banks cannot treat environmental pressure as separate from financial analysis.
Climate risk affects whether loans can be repaid.
Attijariwafa Bank should integrate these factors into financing decisions while helping clients adapt.
Efficient irrigation.
Renewable energy.
Water recycling.
Resilient buildings.
Cleaner industrial systems.
Green finance becomes commercially meaningful when it reduces operating risk and improves long-term productivity.
The objective should not be to label ordinary lending as sustainable without measurable impact.
It should be to finance real economic transition.
Green Finance Needs Clear Standards
Sustainable finance is expanding globally.
Investors and regulators increasingly ask banks to explain which projects receive green classification and why.
Clear standards protect credibility.
A renewable-energy project may qualify clearly.
Other investments require more careful assessment.
Does the financing reduce emissions?
Improve water efficiency?
Support adaptation?
What would have happened without it?
How will performance be measured?
Attijariwafa Bank can use its scale to establish stronger regional standards.
This can attract international capital seeking credible sustainable assets.
But weak classification creates reputational risk.
The value of green finance depends on confidence that the label corresponds with real environmental performance.
Credit Quality Must Remain Central
Rapid growth can weaken banking discipline when institutions compete aggressively for market share.
New sectors, geographies and digital products create opportunities.
They also create unfamiliar risk.
Attijariwafa Bank must preserve strong underwriting as it expands.
Credit decisions should reflect realistic cash flow.
Collateral should not replace business viability.
Sector concentration should remain monitored.
Problem loans should be identified early.
Clients facing temporary pressure may benefit from restructuring.
Businesses without credible recovery prospects should not be supported indefinitely.
A large bank’s strength depends on the quality of its assets, not only their volume.
Growth is valuable when the loans supporting it are repaid through productive economic activity.
Regulation Is Different Across Markets
Operating across several African countries creates regulatory complexity.
Capital rules.
Consumer protection.
Data localisation.
Currency controls.
Anti-money-laundering requirements.
Reporting standards.
Each subsidiary must comply locally while fitting within group governance.
This requires strong systems and clear accountability.
Central oversight can prevent weaknesses from remaining hidden.
Local compliance teams understand national rules and market practices.
The two levels must work together.
Regulatory discipline is not merely a cost.
It protects the group’s licence to operate and the trust placed in it by customers and partners.
Financial Crime Controls Must Become More Intelligent
Banks are required to identify suspicious activity, verify customers and understand the origin of funds.
These controls protect the financial system.
But poorly designed compliance can create excessive friction for legitimate customers.
Accounts may be delayed.
Cross-border payments may become difficult.
SMEs can struggle to provide documentation designed around larger companies.
Technology can improve this balance.
Risk-based systems can focus attention where it is most needed.
Data can identify unusual patterns.
Customers with clear and consistent activity can experience simpler processes.
The objective is neither weak control nor automatic suspicion.
It is accurate control.
A regional bank supporting African trade must protect the system without making ordinary international business unnecessarily difficult.
Employees Must Be Prepared For The New Bank
Digitalisation changes the skills required inside the institution.
Traditional banking knowledge remains essential.
Employees now also need stronger understanding of data, cybersecurity, digital products and customer experience.
Corporate bankers must understand regional supply chains.
Credit teams need sector expertise.
Branch staff must become advisers.
Technology teams need knowledge of financial regulation.
Leaders must manage both physical and digital operations.
Training is therefore a strategic investment.
A bank cannot transform through software alone.
Its employees must understand how new systems improve customer and risk outcomes.
The strongest institution will combine experienced banking judgment with modern technical capability.
Governance Must Keep Pace With Complexity
A group operating across countries, sectors and digital platforms becomes increasingly complex.
Boards and senior management need reliable information.
Risk indicators must move quickly from subsidiaries to the group.
Technology projects require oversight.
Related-party transactions must remain transparent.
Minority shareholders need credible reporting.
Strategic expansion should be tested against capital and management capacity.
Governance cannot become slower than the institution it is expected to supervise.
The larger the balance sheet becomes, the greater the cost of weak oversight.
Attijariwafa Bank’s regional ambition therefore requires governance capable of understanding both local detail and group-wide risk.
The 825.3 Billion Dirham Test
Attijariwafa Bank’s first-half results confirm its financial scale.
An 825.3 billion dirham balance sheet.
Net banking income of 18.4 billion dirhams.
Group net profit of approximately 5.9 billion dirhams.
These figures describe a powerful bank.
They do not yet describe the full opportunity.
The larger transformation lies in building one financial system capable of connecting Morocco with several African economies.
Digital accounts can bring more users into formal finance.
Artificial intelligence can improve operations and risk decisions.
Regional subsidiaries can support trade.
Investment banking can help African companies raise capital.
Corporate finance can accompany Moroccan expansion.
Payment systems can reduce cross-border friction.
The bank already possesses scale.
Its next competitive advantage will come from integration.
The strongest African financial institution will not necessarily be the one owning the most assets.
It will be the one capable of turning those assets into more productive companies, safer transactions and stronger economic connections across the continent.
Attijariwafa Bank is no longer building only a larger balance sheet.
It is building the infrastructure through which a larger part of African business can operate.