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Economy

AFIS 2024: Morocco Hosts Summit Shaping Africa's Financial Future

Monday 09 December 2024 - 16:45 By: Dakir Madiha

Zoom

Leaders gather in Morocco's economic capital to discuss investment, digital tools, and a united African financial market.

Morocco is hosting the Africa Financial Summit (AFIS) for the first time in Casablanca. The two-day event, which began today and will run through tomorrow, brings together over 1,000 leaders from across Africa to explore bold approaches for reshaping African finance.

This year's summit is themed “A New Era: Time to Mobilize Africa’s Financial Power” and focuses on the urgent need to tap into the continent’s economic potential amid growing opportunities. Prominent Moroccan officials, including Economy and Finance Minister Nadia Fettah, Trade Minister Ryad Mezzour, and Investment Minister Karim Zidane, are participating in the opening ceremony.

The summit features 30 panels and roundtables addressing strategies to reduce costs and accelerate trade to enhance local investments while strengthening economic ties across African nations. One key goal is the creation of a shared African stock market aimed at overcoming the barriers between fragmented markets across the continent.

A major challenge being discussed is how to better serve Africa’s informal workforce, which comprises 83% of the continent’s economy. Experts are advocating for the introduction of digital tools to expand banking and insurance services to more individuals.

Founded in 2021 by the Jeune Afrique Media Group and co-hosted by the International Finance Corporation, the AFIS provides a platform each year for leaders to present transformative solutions to help grow African finance and fortify it against global and regional shocks. Last year’s summit, held in Lomé, Togo, focused on building a stronger financial sector for Africa. Key topics discussed included local market investment, regulatory issues, digital transformation, climate finance, asset tokenization, and the role of artificial intelligence.

This year’s edition builds on that momentum, and Morocco’s selection as the host solidifies its position as a key player in driving Africa's burgeoning economic future.