Figures from greenfield investment monitor fDi Markets show that between January 2011 and May 2016 total investment in the financial services sector into Africa has continued to decline. The number of financial services projects into the continent has decreased significantly from 186 in 2011 to 150 in 2013, and 88 in 2015, the lowest figure recorded since 2007.

The number of jobs and capital expenditure also dropped between 2011 and May 2016. Data shows that 4216 new jobs were created in 2011, with capital expenditure of $2.19bn, which declined to 3964 new jobs and $1.83bn in capital expenditure by 2013. In 2015 job creation in Africa had fallen to 3074 with a capital expenditure of $1.40bn, marking decreases of 22.66% and 9.95% respectively from the previous year.

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Between 2011 and 2016 South Africa attracted the highest number of investments in the continent with 68 FDI projects, followed by Kenya with 67 and Ghana with 62. During this period South Africa also experienced a decline in financial services sector investments in line with the rest of continent, while both Kenya and Ghana reported increases in FDI inflows. The primary investing countries in Africa between 2011 and 2016 were the UK, the United Arab Emirates and Kenya with a total of 82 investing companies and a combined capex of $2.98bn.

The downward trend recorded by fDi markets indicates that the slump Africa is experiencing in financial services investments is set to continue during 2016. Data recorded for quarter one of 2016 shows that Africa only attracted 22 investments, a decrease of 8.33% from the same period in 2015 and the lowest number of investments for a first quarter in nine years. Figures released for April and May further support this analysis, with only 11 projects recorded and continued decline in both job creation and capital expenditure.