Morocco To Host AFIS 2024, Paving Way For African Financial Integration

The Africa Financial Industry Summit (AFIS) 2024, an influential gathering aimed at strengthening Africa’s financial ecosystem, will be hosted on December 9-10 in Casablanca, Morocco, convening over 1,000 leaders in finance, including policymakers, regulators, and top executives, to address structural reforms essential for boosting resilience and enhancing financing across Africa’s economies.

Founded by Jeune Afrique Media Group in partnership with the International Finance Corporation (IFC), AFIS 2024, themed “A New Era: Time to Mobilise Africa’s Financial Power,” aims to foster a unified vision for a robust financial sector in Africa.

Amir Ben Yahmed, President of AFIS, in highlighting the importance of the event and emphasising the continent’s opportunity to shape an independent financial future said, “Africa stands on the brink of a financial revolution marked by the emergence of indigenous finance. With international players departing, the sector must rise to meet the continent’s needs independently. AFIS 2024 is a forum for making bold decisions and building a world-class financial ecosystem.”

While expressing eager anticipation for the event, IFC Vice President for Africa, Sérgio Pimenta, also stated, “From job creation, MSME financing, and the energy transition and climate change to agriculture and digitalisation, mobilising the full strength and potential of Africa’s financial sector is critical to accelerating the continent’s development. Amid a rapidly evolving global financial landscape, IFC is once again co-hosting AFIS, and we are delighted that this year’s event is being held in Morocco, a country where the public and private sectors are committed to establishing an influential regional and global trade and finance center.”

The summit will focus on five key areas:
• Creating banking products and capital market solutions to channel local savings into productive investments, fueling growth and development;
• Facilitating payment interoperability, reducing the cost and time of cross-border transactions, and fostering the development of trade between African countries;
• Strengthening capital requirements for financial institutions, consolidating the industry, and encouraging partnerships with international financial centers;
• Bringing financial products to the informal workforce, which makes up 83% of Africa’s economy, by leveraging digital channels to offer insurance and banking services;
• Building a Pan-African stock market, tackling market fragmentation, and boosting intra-African investment, creating a truly integrated financial ecosystem.

Prominent attendees include Aida Diarra (Senior Vice President and Head of Sub-Saharan Africa, VISA); Aigboje Aig-Imoukhuede (Chairman, Access Bank); Jeremy AworiI (CEO, Ecobank); Jules Ngankam (Group CEO, African Guarantee Fund); Olusegun Alebiosu (Managing Director/CEO, First Bank of Nigeria); Prof. Benedict Oramah (President & CEO, Afreximbank), among others.

Joining them will be 18 Ministers of Economy and Finance and 13 Central Bank Governors, including H.E. Adama Coulibaly from Côte d’Ivoire and Dr. Denny H. Kalyalya from Zambia.

This year’s summit will offer over 30 high-level panels, debates, and roundtables, marking a new chapter in African finance.

Founded by Jeune Afrique Media Group in 2021, with the support of the IFC (World Bank Group), AFIS is a sister organisation to the Africa CEO Forum, the leading platform for Africa’s private sector. AFIS aims to build a robust financial industry that serves the real economy and sustainable development. Bringing together the most influential figures and institutions in African finance, as well as regulators, AFIS works to enhance financial inclusion and foster the emergence of a truly pan-African financial services industry.

Morocco’s Minister of Economy and Finance, Nadia Fettah Alaoui, expressed that it is fitting for Morocco to host AFIS 2024, emphasising Morocco’s strategic location between Europe and Africa, its robust financial institutions, and deep understanding of African markets, underscoring the country’s commitment to playing a central role in transforming Africa’s financial sector and supporting transcontinental financial growth.

Melissa Enoch

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