British banks exit Africa as unstable currencies and ‘risks’ raise costs of operations

Britain's top banks are pulling out of Africa and casting doubt on the economic growth prospects of a continent that has been riding on the narrative of ‘‘Africa Rising’’ for more than a decade.

UK’s financial conglomerate Atlas Mara Ltd (Atma), which had acquired banks in seven African countries, is at the tail end of exiting the continent. It has termed its African investments “risky” and the sub-Saharan African macroeconomic environment as “challenging”.