CASABLANCA, Morocco (BG) – Africa’s potential to drive economic growth and foster resilience took center stage at the Africa Financial Summit 2024 (AFIS2024), which began Monday in Casablanca, Morocco.
The two-day event brings together over 1,000 financial leaders, policymakers, and innovators to address the continent’s financial challenges and chart a path toward a robust and inclusive economic future.
Morocco’s Minister of Economy and Finance, Fettah Nadia, opened the summit with a message of optimism about Africa’s potential. “Africa has everything it needs to succeed: a unique demographic potential, abundant resources, and an ever-growing innovation capacity,” she said.
She added that Morocco’s focus on climate finance, private sector growth, and innovation positions the kingdom as a fitting host for discussions shaping Africa’s economic future.
Harnessing Africa’s Financial Power
The summit also focused on mobilizing Africa’s internal financial resources.
Jeremy Awori, CEO of Ecobank Group, emphasized the need for the continent to invest in itself: “We don’t always have to look outside to get money; if we don’t invest in our story, who will?”
One of the key discussions revolved around achieving full mobile money operations across the continent.
A pilot payment system launched by the Central Bank of West African States (BCEAO) sparked dialogue on advancing financial inclusion and seamless transactions.
Mobile money is a service whereby customers use their mobile device to send and receive monetary value – or more simply put, to transfer money electronically from one person to another using a mobile phone. Both domestic transfers as well as international, or cross-border, remittances are money transfer services.
Tackling Infrastructure and Trade Challenges
Attracting patient capital for Africa’s infrastructure was another critical issue addressed.
Cheick-Oumar Sylla, IFC’s North Africa Regional Director, highlighted the disparity in global infrastructure investments, noting that sub-Saharan Africa currently attracts only 3% of these funds.
Discussions centered on innovative solutions to draw investors and finance infrastructure projects essential for the continent’s growth.
Benedict Oramah, President of Afreximbank, underscored the role of trade in driving Africa’s development. “In a world of disruptive supply chains, trade will lead Africa’s development in the years to come,” he said, advocating for resilient trade networks to foster sustainable growth.
Collaboration and Innovation at the Forefront
The opening panel of AFIS2024 emphasized the importance of collaboration and innovation in consolidating Africa’s financial industry.
Leaders from banking, insurance, fintech, and capital markets stressed the need for a unified approach to build a resilient, green, and inclusive financial ecosystem.
Hosted by the International Finance Corporation (IFC), a member of the World Bank Group, AFIS2024 provides a space for reflection and actionable solutions.
Over two days of conferences, debates, and high-level meetings, participants aim to tackle challenges ranging from financial inclusion to green financing, ensuring Africa’s financial systems are future-ready.
With insights from leading voices and actionable plans emerging, the summit sets the stage for Africa to harness its potential and shape a prosperous future for the continent.
