By Enyichukwu Enemanna
Financial experts and innovators participating in the ongoing Africa Financial Summit (AFIS) in Morocco have called for measures to create a pan-African payment system to transform the continent’s financial ecosystem.
The CEO of Moroccan-based Attijariwafa Bank, Mohamed El Kettani, who gave this advice on Tuesday, emphasized the need to establish pan-African banks with the capacity to drive economic transformation across the continent.
“Africa needs banks that can integrate payment systems across borders to support the continent’s economic growth,” he said.
Kettani advocated for a progressive approach involving stable economies and collaboration with fintechs to build a unified financial force.
Speakers at a roundtable discussion also emphasized the importance of cross-border partnerships to enhance financial stability and investment. They called for a collaborative environment where African financial institutions and fintechs can work together to create a more integrated financial landscape.
At the dialogue, a shared vision of pan-African unity and cooperation emerged as a central theme, with speakers urging greater collaboration between financial institutions, governments, and technology innovators to create an environment conducive to sustainable growth.
Running from December 9 to 11, AFIS 2024 has brought together influential financial leaders, policymakers, and innovators from across Africa and beyond to discuss strategic steps to propel the continent into a new financial era.
The summit seeks to address critical challenges facing Africa’s financial sector, such as infrastructure financing, innovative investments, and the need for stronger financial inclusion.
In another discussion, speakers highlighted the role of innovation and fintech in driving financial inclusion. They explored how technological advances are opening new opportunities for underserved populations, with blockchain and mobile banking leading the charge.
Sergio Pimenta, Vice President for Africa at the International Finance Corporation (IFC), expressed satisfaction with the summit’s success in fostering dialogue around Africa’s financial ecosystem.
While acknowledging the declining private equity operations in Africa, he commended the growing interest of African economic players in reinforcing investments and solidifying their financial structures.
Pimenta also reaffirmed the IFC’s confidence in Africa’s resilience and capacity to innovate.
Organizers expressed confidence that with the ideas generated at the summit, the future of Africa’s financial integration looks brighter as stakeholders work together to unlock the continent’s full potential.
