The succession of crises that have affected Africa, like the whole world, underlines the urgency for the continent’s financial industry to position itself in terms of the climate (green finance), digitalization (fintech), and of course to find the solutions to take advantage of the economic integration promoted by the African Continental Free Trade Area (Zlecaf).
During the second edition of theAfrica Financial Industry Summit/AFIS – main platform of the African private sector founded by Jeune Afrique Media Group in 2021, with the support of IFC (World Bank Group) and “little sister” of the Africa CEO Forum -, actors from the private and public sectors will be brought together to discuss how the African financial industry can adapt to these upheavals and s’en seize.
The African financial industry meets in November in Lomé
In just a few years, Africa has managed to rise to the global vanguard of mobile money and foster the rise of fintechs, giving hope for a rapid digital transformation capable of accelerating 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, scarcity of available capital, liquidity risks as well as climate and cybersecurity risks are all challenges that require the adoption of an ambitious industry-wide roadmap.
Rethinking the African financial industry
After a first annual digital summit in 2021 as well as several webinars and private meetings, AFIS 2022 will take place in person on November 28 and 29 and will welcome more than 500 of the most influential leaders from all sectors of African finance.
dialogue between the various financial players, the private sector and the public authorities is essential
Among the confirmed personalities: Jean-Claude Kassi Brou, Governor of the 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, Minister of Economy and Finance of Togo; Romuald Wadagni, Minister of Economy and Finance of Benin; Sérgio Pimenta, IFC Regional Vice President for Africa; Ade Ayeyemi, CEO of Ecobank Group; Felix Edoh Kossi Amenounvé, Managing Director of the BRVM; Amine Bouabid, Managing Director of Bank of Africa; Serge Ekué, president of BOAD; Aïda Diarra, Senior Vice President Sub-Saharan Africa at Visa; Benedict Oramah, Chairman of Afreximbank; James Mwangi, Managing Director of Equity Bank Group; Sitoyo Lopokoiyit, Managing Director of M-PESA Africa; Marème Mbaye Ndiaye, Managing Director of Societe Generale Cameroon; Nagoum Yamassoum, president of Cosumaf; Kuseni Dlamini, chairman of Massmart Holdings; Ashok Shah, CEO APA Insurance… as well as many other actors from all over Africa and around the world.
Rapid development of fintechs
“The African financial industry is one of the most dynamic in the world with exceptional growth margins, in a context of very strong demographic growth. The recent birth of Zlecaf represents a unique opportunity to rethink the African financial industry on a continental scale, particularly in the context of redefining the global financial architecture,” said Amir Ben Yahmed, CEO of Jeune Afrique Media. Group, founder of AFIS.
[Chronique] Africa Financial Industry Summit: what African finance do we really want?
“IFC is committed to extending formal financial services to 600 million people, and many of its focus countries are on the African continent. At a time when African fintechs are experiencing rapid development, dialogue between the various financial actors, the private sector and public authorities is essential to achieve financial inclusion and thus ensure the financing of economic activity”, commented Sergio Pimenta, IFC Vice President for Africa, co-host of AFIS 2022.