The succession of crises that have affected Africa, as well as the entire world, underline the urgency for the continent’s financial industry to position itself in terms of climate (green finance), digitalisation (fintech), and of course to find ways to take advantage of the economic integration promoted by the African Continental Free Trade Area (ACFTA).
At the second edition of the Africa Financial Industry Summit (AFIS) – the leading African private sector platform founded by Jeune Afrique Media Group in 2021, with the support of the International Finance Corporation (IFC – World Bank Group) and AFIS’ “little sister”, the Africa CEO Forum – private and public sector players will come together to discuss how the African financial industry can adapt to these upheavals and get a handle on them.
In just a few years, Africa has become a global leader in mobile money and fintech, raising hopes for a rapid digital transformation that will accelerate the continent’s economic integration. But this progress is threatened by high volatility due to an increasingly uncertain and complex international situation. Deteriorating asset quality, scarce availability of capital, liquidity risks, and climate and cyber-security risks are all challenges that require an ambitious industry-wide roadmap.
Rethinking the African financial industry
After a first-annual digital summit in 2021 and several webinars and private meetings, AFIS 2022 will take place in person from 28-29 November and will host more than 500 of the most influential leaders from all sectors of African finance.
Dialogue between various financial players, the private sector and public authorities is essential
Among the confirmed personalities who will be in attendance: Jean-Claude Kassi Brou, governor of the Central Bank of West African States (BCEAO); Kalyalya Denny H., governor of the Bank of Zambia; John Rwangombwa, governor of the National Bank of Rwanda; Harvesh Kumar Seegolam, governor of the Bank of Mauritius; Sani Yaya, Togo’s Minister of Economy and Finance; Romuald Wadagni, Benin’s Minister of Economy and Finance; Sérgio Pimenta, IFC regional vice-president for Africa; Ade Ayeyemi, Ecobank Group CEO; Félix Edoh Kossi Amenounvé, director general of the regional stock exchange (BRVM); Amine Bouabid, Bank of Africa CEO; Serge Ekué, president of the West African Development Bank (BOAD); Aïda Diarra, Visa’s senior vice-president for sub-Saharan Africa; Benedict Oramah, president of Afreximbank; James Mwangi, Equity Bank Group CEO; Sitoyo Lopokoiyit, M-PESA Africa CEO; Marème Mbaye Ndiaye, Société Générale’s CEO for Central and East Africa; Nagoum Yamassoum, president of the Central African Financial Market Supervisory Commision (COSUMAF); Kuseni Dlamini, president of Massmart Holdings; Ashok Shah, APA Insurance CEO… as well as many other players from all over Africa and the world.
Rapid development of fintech
“The African financial industry is one of the most dynamic in the world, with exceptional room for growth, in a context of very strong demographic growth. The recent birth of ACFTA represents a unique opportunity to rethink the African financial industry on a continental scale, especially in a context of redefining the global financial architecture,” said Amir Ben Yahmed, CEO of Jeune Afrique Media Group and AFIS founder.
“The IFC is committed to extending formal financial services to 600 million people, and many of its target countries are on the African continent. At a time when African fintech is growing rapidly, dialogue between the various financial players, the private sector and public authorities are essential to achieve financial inclusion and thus ensure the financing of economic activity,” said Sergio Pimenta, IFC regional vice-president for Africa, co-host of AFIS 2022.
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