An Opportunity to Work on the Future of African Finance

Over 800 continental finance leaders, bankers, insurers, regulators, central bank governors, public policymakers, innovators, fintech leaders and journalists converged in Lome, Togo, for the African Financial Industry Summit. The goal was to discuss and develop solutions to expedite the continent’s economic recovery in the face of the ongoing global economic crises through the development of a competitive, innovative, inclusive, and sustainable financial industry. Togolese president, Faure Gnassingbè, emphasised the need for a collaboration between the public and private financial authorities to effectively transform the African financial landscape amid economic turmoil like insecurity, climate change, financial instability, and ballooning inflation. He noted that Togo has been exemplary in this collaboration citing its status as a hub for many African financial institutions, including Ecobank, BOAD, Oragroup, EBID and Cica-Re. Sergio Pimenta, Vice-President Africa of the International Finance Corporation (IFC) and co-organizer of AFIS, noted that everyone understands Africa’s potential, and it is time to bring it to reality. He further noted that financial institutions could be drivers of resilience and catalysts for solutions in the face of crises by using the IFC’s support for micro, small and medium-sized enterprises (MSMEs), trade financing, and climate transition as an example.

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