2024-04-29 00:04:45
Moroccan companies and banks, including Attijariwafa bank, Crédit du Maroc and Bank of Africa are participating in this edition of the African Financial Industry Summit, held under the theme: “Building a world-class African financial industry: a 1-person opportunity 500 billion dollars.
The opening ceremony of this summit was chaired by the President of the Republic of Togo, Faure Essozimna Gnassingbé, in the presence of the Togolese Prime Minister, Victoire Tomegah Dogbé, several African ministers, as well as bank governors and representatives of financial institution.
Organized by the Jeune Afrique Media group, in partnership with the International Finance Corporation (IFC), an entity of the World Bank Group dedicated to the private sector and the Republic of Togo, the AFIS aims to build a robust financial industry serving of the real economy and sustainable development.
Speaking on this occasion, the Director of AFIS, Ramatoulaye Goudiaby, underlined that this event aims to respond to crucial issues for the African financial industry, by contributing to the development of a world-class African financial sector and placing the financial services industry at the heart of the success of the Zlecaf project.
It also aims to boost financial inclusion and ensure sustainable financing of economies, and give a voice to the African financial industry in debates on international regulation, she added.
“These issues are all the more important in this difficult macroeconomic environment, marked by persistent inflation, liquidity issues, financing of SMEs and refinancing,” said the Director of AFIS.
In this regard, she noted that to build a world-class African financial industry and seize this opportunity estimated at $1,500 million, it is necessary to continue to mobilize local resources, deepen capital markets, leverage take advantage of technological innovations, and to increase the levels of financial penetration and to think about solutions which “will lead not only towards the transition but above all towards the disruption to which we all aspire”.
For his part, IFC Vice President for Africa, Sérgio Pimenta, indicated that in the face of the challenges facing Africa, notably the global credit crisis, historically high interest rates, the slowdown of international financing, the lingering effects of COVID-19, galloping inflation and the growing impact of climate change, it is imperative to do everything possible to foster sustainable, inclusive and green economic growth in Africa.
“If the challenges are numerous, the opportunities are just as numerous. The financial industry has a vital role to play in helping this continent seize these opportunities,” said Mr. Pimenta.
“The financial sector has an essential role to play in the deployment of this model. It is about supporting the emergence of a more inclusive and more connected Africa, ensuring food security in the region, improving access to housing and ensuring the continent’s energy transition”, he insisted.
On the agenda for this two-day edition, more than 30 sessions covering key financial sector trends, the common market and regulations, commercial banking perspectives, capital markets and corporate finance, sustainability, expansion of insurance as well as digital financial services and fintech.
In-depth discussions will take place around a multitude of themes, such as risk management linked to currency fluctuations, the tokenization of African assets, global economic reforms, and the implications of artificial intelligence on the financial sector.
Discussions during this edition aim to develop a blueprint to strengthen the resilience and efficiency of Africa’s booming financial sector.
2024-04-29 00:04:45