Africa’s top finance industry players meet in Togo to discuss economic recovery

African finance ministers and central bank governors are meeting in Lomé, Togo, this Nov. 28-29 for the African Finance Industry Summit (AFIS) to discuss how Africa’s finance industry can contribute to the continent’s economic recovery.

Morocco is participating in the African Summit, held under the theme “Sustainable, borderless and digital, Transforming finance in the age of disruption.”

The opening ceremony of the summit on Monday was attended by president Faure Essozimna Gnassingbé of Togo, government officials, as well as bank governors and representatives of financial institutions of several African countries.

This international event, which aims at fostering the emergence of a modern, innovative and inclusive pan-African financial services sector, focuses on Africa’s finance industry and the role it can play in economic integration through the harmonization of policy in different countries. This comes at a time when unprecedented inflation and increasing geopolitical risk is forcing the world to look more inward, severely affecting economic growth and development across the continent and pressuring its financial and political leaders to find solutions.

AFIS is gathering leaders of the African industry who will contribute to Africa’s economic recovery through a sustainable, competitive, innovative, and inclusive development of the finance sector. The participants are exchanging ideas during conferences, workshops, and roundtables.

“It is above all a platform for public-private dialogue in favor of a sovereign Africa capable of financing its own infrastructure and major transformation projects,” said Frédéric Maury, the Managing Chief Operating Officer of Jeune Afrique that organizes the event. Among the solutions to boost the African finance industry, Maury proposes the injection of equity capital to help the development of African banks, but also the implementation of an adapted regulatory framework.

Founded by the Jeune Afrique Media Group in 2021, with the support of the IFC (World Bank Group), AFIS is a sister organization of the Africa CEO Forum, the leading platform for the African private sector. AFIS’ goal is to build a robust financial industry that serves sustainable economy and development.