The fifth edition of the Africa Financial Industry Summit (AFIS) opened on November 3 in Casablanca with a clear statement: “Africa does not have a capital problem,” said its initiator, Amir Ben Yahmed, CEO of Jeune Afrique Group. The continent has resources, savings, and investors. What is still lacking is the ability to mobilize this capital, structure large-scale projects, create endogenous guarantee mechanisms, and, above all, believe in its own potential.
In a global environment marked by geopolitical tensions, persistent financial volatility, reduced budget margins, and the emergence of artificial intelligence as a systemic disruption, IFC Managing Director Mathar Diop provided a lucid diagnosis: high debt, public financing under pressure, limited public intervention. “The state can no longer finance development alone,” he warned. The private sector must take over, through the mobilization of domestic savings and the strengthening of local financial markets.
IFC is ready to support this movement. Its commitments have doubled, its business volume has reached $74 billion, and a further increase is planned by 2030. The World Bank Group institution is increasingly investing in local currency, strengthening its guarantee capacities through the Unify Guaranty platform, and targeting strategic sectors such as agriculture and local communities. The message to African banks: “Provide us with the information so that we can bring equity.”
As the host country, Morocco was highlighted as a model of execution and disciplined investment strategy. Minister of Economy and Finance Nadia Fettah praised the Kingdom’s diplomatic victory at the UN on the issue of the Sahara before refocusing the debate on the essential: directing financing towards development. With expected growth of 4.8%, inflation contained at 1% – “thanks to Bank Al-Maghrib,” she said to Governor Abdellatif Jouahri – and a return to investment-grade status, Morocco claims a credible trajectory. “The real question is not just growth, but what we do with it,” she emphasized.
Pointing out that Africa saves nearly $500 billion a year, the minister highlighted a structural inconsistency: 80% of intra-African transactions are still conducted in international currencies, increasing costs and fueling financial vulnerability. Hence her call for the establishment of African guarantee mechanisms, regional insurance pools, pan-African financial engineering, and interoperability of African stock exchanges. Some countries still borrow with 300 basis points more than the global average – an anomaly that a concerted financial architecture can correct. Quoting His Majesty King Mohammed VI – “Financing development in Africa requires collective action” – she recalled a strategic truth: “Africa must trust Africa.”
Behind the speeches, the course is set: to transform African savings into growth, structure continental projects, and create sovereign financing tools. Not to seek resources elsewhere, but to organize those that already exist. It is time for ambition, execution, and leadership. AFIS 2025 thus opens with a conviction: capital will follow Africa if Africa follows its own ambition.
The inaugural session continued with a panel entitled “Unlocking African Financial Power.” Aigboje Aig-Imoukhuede, President of Access Bank PLC, advocated for “de-risking” the African market. Jules Ngankam (African Guarantee Fund) pointed out that transaction costs are the primary barrier for SMEs. Jérémy Awori emphasized risk perception: the top 100 African banks have a combined capital of $126 billion, less than a single large international institution. Conclusion: pension funds must invest more in African banks, and capital markets must be strengthened.
Ethiopis Tafara, IFC Vice President for Africa, echoed the same sentiment: “Equity is essential.” Nadia Fettah concluded the discussion with a call for collective action: “We must continue to work together. SMEs must be supported. We need champions to change the narrative. Mobilize our resources, work better, faster, and stronger.”
