In an interesting turn of events, new Twitter boss Elon Musk has now reached some kind of agreement with Apple. In regular fashion, Musk…
Africa has worked its way to the top of the world’s mobile money industry, says Amir Ben Yahmed, founder of the Africa Financial Industry Summit (AFIS). If the trend continues, the continent could undergo a rapid digital transformation and accelerate its economic integration.
Yahmed, who is also the chief executive of the Jeune Afrique Media Group, says 500 fintech leaders are expected at the summit on Monday, 28 and Tuesday, 29 November 2022 in Lomé, Togo. This is the first in-person version of the annual event which was launched virtually last year.
“The African financial sector is one of the most dynamic in the world, with exceptional room for progress amid incredibly strong demographic growth,” says Yahmed. “The recent launch of the African Continental Free Trade Area (AfCFTA) is a unique opportunity to reshape the financial sector in Africa at the continental level, particularly as the international financial architecture is evolving.”
As new technologies continue to revolutionise the world of finance, AFIS provides a space for the public and private sectors to debate on the ways in which the African financial industry can adapt to the current major economic disruptions and use the advent of AfCFTA to further its transformation.
Yahmed, however, cautions that the progress made was being threatened by heightened volatility due to the uncertainties and complexities on the international stage. In the face of asset depreciation, the scarcity of capital, liquidity risks, climate risks and cybersecurity risks, an ambitious roadmap is required for the sector to traverse the challenges ahead.
“With this exceptional event, AFIS aims to bring together leaders and players in the financial sector to find innovative solutions to these problems,” he says.
Among those who have already confirmed their attendance for the West-African summit are Jean-Claude Kassi Brou and Denny H. Kalyalya, the governors of the Central Bank of West African States and Bank of Zambia, respectively.
Governors and finance ministers from Rwanda, Mauritius, Togo and Benin are also set to attend along with Ade Ayeyemi, group chief executive of Ecobank, and Aïda Diarra, senior vice president and head of Sub-Saharan Africa at Visa.
According to Sérgio Pimenta, vice president for Africa at the International Finance Corporation (IFC) and co-host of AFIS 2022, the IFC has committed to offering formal financial services to 600 million people, a large number of whom live in African countries.
He says, “At a time when African fintechs are undergoing rapid development, the dialogue between the different players in finance, and between the private sector and public authorities, is key for achieving financial inclusion and ensuring that economic activities are properly funded.”
AFIS is a sister organisation of the Africa CEO Forum, a leading platform for the African private sector. It strives to build a robust financial industry that serves the real economy and sustainable development. Bringing together the most influential figures and institutions in African finance, as well as regulators, AFIS works to improve financial inclusion and the emergence of a truly pan-African financial services industry.