On November 28 and 29, the inaugural Africa Financial Industry Summit will be held in Lome, Togo.
Nearly 700 bankers, insurers, and representatives from the Fintech, capital markets, and microfinance industries will attend the event, which is being organised by the Jeune Afrique, to share ideas and provide solutions to improve the financing of African countries.
“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.
Maury suggests the introduction of an adjusted regulatory framework together with the injection of equity capital to aid the growth of African banks as ways to strengthen the continent’s financial sector.
“It is necessary that the regulation obviously follows the international trends and the protection in particular of savers and depositors but it is necessary that the regulation in Africa is able to accompany the growth of the sector, and not act as brakes,” he said.
Even though the African banking and insurance industry grew steadily through 2019, the coronavirus outbreak and the conflict in Ukraine have hurt bank profits and raised interest rates.
