South Africa, Egypt, Morocco, and Algeria, home to many of Africa's strongest banks share more than financial muscle. Each invested early and consistently in modernising agriculture while building manufacturing capacity around it. Their experience offers a clear lesson, sustainable financial development in Africa does not bypass agriculture it is built on it.
The productivity data is unambiguous. Egypt's maize yields average eight tonnes per hectare. South Africa follows at five tonnes , Algeria at four and a half . The continental average languishes at just two tonnes . A similar gap appears in wheat: Egypt produces seven tonnes per hectare , South Africa four , while most of Africa averages two and a half. Morocco has become a continental leader in citrus, olives, dates, tomatoes, and potatoes through deliberate investment in irrigation, inputs, and export-oriented horticulture.
These numbers matter because productivity is the foundation of finance. When agriculture modernises, it creates economic activity that banks can serve profitably. Productive farmers demand credit for inputs, equipment, and expansion. Processors need working capital. Transporters require financing. Exporters need trade finance and foreign exchange services. Subsistence agriculture offers none of this. Commercial agriculture creates entire value chains that are bankable.
