113 © Te Author(s) 2018 I. Adeleye, M. Esposito (eds.), Africa’s Competitiveness in the Global Economy, AIB Sub-Saharan Africa (SSA) Series, https://doi.org/10.1007/978-3-319-67014-0_5 5 Banking on Africa: Can Emerging Pan- African Banks Outcompete Their Global Rivals? Ifedapo Adeleye, Franklin Ngwu, Nkemdilim Iheanachor, Ebes Esho, Chijioke Oji, Theresa Onaji-Benson, and Chris Ogbechie I. Adeleye (*) Haslam College of Business, Te University of Tennessee Knoxville, USA F. Ngwu • N. Iheanachor • C. Ogbechie Lagos Business School, Lagos, Nigeria E. Esho Covenant University, Ota, Nigeria C. Oji University of Waterloo, Waterloo, ON, Canada T. Onaji-Benson University of Pretoria, Pretoria, South Africa Introduction With the increasing liberalization and globalization of the fnancial ser- vices sector over the past two decades or so, there has been a rise in the percentage of foreign banks among total banks around the world (from 21 per cent in 1995 to 35 per cent in 2009), accompanied by an increase