Sunday, June 16, 2024
14.6 C
Nairobi

African Finance Leaders Convene to Address Opportunities and Challenges

 

The Africa Financial Industry Summit (AFIS) was held this week in Lomé, Togo, bringing together over 800 leaders in African finance to discuss the rapidly evolving landscape. Organized by pan-African magazine Jeune Afrique, the summit has become a premier event for the continent’s financial sector in just three years.African finance

Experts note that while the industry has grown considerably, it also faces hurdles like rising public debt, climate change impacts, and accessing new sources of capital. However, as international banks withdraw, African institutions have a chance to expand their influence.

“Effective regulation is crucial for the rapid yet sustainable growth of the sector,” stressed Serge Ékué, Chairman of the Board of Directors of the West African Development Bank.

A key topic at the summit was the high cost of international borrowing, with interest rates up to 2.1% higher in sub-Saharan Africa. This heavy debt burden was highlighted by Rwandan Finance Minister Uzziel Ndagijimana, who called for rating agencies to better account for structural factors.

African Finance Leaders Convene to Address Opportunities and Challenges
African Finance Leaders Convene to Address Opportunities and Challenges

The potential of asset tokenization was also discussed as a way to unlock vast liquidity by making high-value assets tradable online. Meanwhile, cyber-attacks remain a threat, with African banks facing 2,164 attacks per week on average, according to regulator Alain Kaninda.

In the face of these obstacles, leaders at the summit expressed optimism about the future and the opportunities before them. By bringing together influential voices, AFIS continues to help shape the agenda for the African finance industry as it charts a course towards increased global significance.


Discover more from Who Owns Africa

Subscribe to get the latest posts to your email.

Hot this week

Meet Uganda’s Hamis Kiggundu who’s richer than Ronaldo and Messi

Meet Ugandan entrepreneur Hamis Kiggundu with a net worth...

Scent of Africa unveils exquisite new fragrances Fik and Gleti

Scent of Africa, a leading fragrance house, has unveiled...

Meet the most stingy woman in history, with a net worth of $2.3 billion

Hetty Green, an American woman born in 1835, is...

How Hofmann left her white boyfriend for a Samburu warrior

In the 1980s, a love story unfolded in Kenya...

Companies Owned by South African Billionaire Johann Rupert

Discover the powerhouse companies owned by South African billionaire...

Topics

South Africa’s Pape Fund increases investment in Entersekt

South Africa's financial authentication company, Entersekt, has recently garnered...

Cyril Ramaphosa re-elected as South Africa’s president

South Africa’s president Cyril Ramaphosa has been reelected by...

South Africa: Ramaphosa poised for re-election amidst ANC turmoil

As Cyril Ramaphosa prepares for re-election as South Africa's...

Niger court lifts immunity of deposed President Bazoum

The top court in military-governed Niger has lifted the...

G7 pledges $420 million in investments for Africa

The G7 leaders have pledged $420 million in investments...

Nigeria secures $2.25 billion to bolster economy stability

Nigeria, the largest economy in Africa, has successfully secured...

Uganda to reduce commercial borrowing to tackle debt crisis

Uganda has been facing a mounting public debt crisis,...

How Betty Kyallo manipulated senior officers to stop fraud investigation

Kenyan media personality and entrepreneur, Betty Kyallo has been...

Related Articles

Discover more from Who Owns Africa

Subscribe now to keep reading and get access to the full archive.

Continue reading