The Africa CEO Forum and the International Finance Corporation are set to hold the first edition of ‘The Financial Industry Summit’ to address the unprecedented challenges heightened by the COVID-19 pandemic facing Africa’s economies.
The summit is billed to hold on March 10-11, 2021 and will feature Africa’s financial sector leaders.
It is aimed to play an active role in the continent’s economic recovery by working to develop a competitive and innovative financial industry.
According to IFC, the event will convene 500 decision-makers representing the entire spectrum of the financial industry, including bankers, insurers, fintech executives, mobile money operators and microfinance institutions, stock markets, regulators, and government ministers.
“Through panels, keynote speeches, and high-level roundtables, participants will explore topics essential to developing an efficient financial sector, such as how to drive digital transformation, developing financial inclusion strategies, adapting to the regulatory environment, updating risk management practices and understanding the impact of the African Continental Free Trade Area,” IFC stated.
The IFC Vice President, Middle East and Africa, Sérgio Pimenta, commented, “The challenges of COVID-19 have placed stress on banks and financial institutions around the world, including in Africa, where they have proved resilient, but still face multiple challenges. IFC has long been a strong supporter of Africa’s financial sector, which we see as the foundation for economic growth. I look forward to the Financial Industry Summit where we will explore how financial institutions can continue to drive development across our dynamic continent.”
Also, the President of Africa CEO Forum, Amir Ben Yahmed, said, “If we really want the AfCFTA to be successful and to seize this unique opportunity to rethink Africa’s financial industry, if we want Africa to overcome the COVID-19 crisis and find a way to create a full-fledged, continent-wide economic recovery plan, then we have no other choice but to combine the forces of the public and private sectors. Africa needs a dynamic public-private dialogue, and it needs it now. Tomorrow will be too late.”
