Casablanca will host the Africa Financial Summit (AFIS-2024) under the theme, “The Time for African Financial Powerhouses Has Come” from December 9 to 10.
This annual event, founded by “Jeune Afrique” media group in 2021 and co-organized by the “International Finance Corporation” (IFC), will gather over 1,000 African financial leaders, policymakers, and regulators to discuss strategies for transforming the continent’s finance industry into a catalyst for economic growth and resilience.
AFIS 2024 coincides with notable shifts in Africa’s financial landscape. Leaders from both private and public sectors will converge to address the continent’s critical need for sustainable financing solutions and long-term reform, reported Morocco’s Press Agency (MAP).
By building innovative strategies, the summit aims to advance Africa’s self-reliance in meeting economic demands, helping the finance industry become a driving force in tackling the continent’s socio-economic challenges. Morocco’s hosting of this year’s summit reflects its commitment, under King Mohammed VI, to solidify partnerships across Africa, particularly within the financial sector.
The conference will work closely with Moroccan institutions such as the Ministry of Economy and Finance, the Moroccan Capital Market Authority (AMMC), and the Casablanca Stock Exchange. The Moroccan Investment and Export Development Agency (AMDIE) and the Ministry of Investment, Convergence, and Policy Evaluation are also involved, marking Morocco’s strong support for this collaborative initiative.
To achieve Africa’s financial potential, experts assert that bold strategies and long-term structural reforms are necessary. A robust network of regional leaders, pan-African players, and regulatory bodies will be crucial for propelling Africa’s financial and economic prosperity on the global stage.
Morocco’s Finance Minister Nadia Fettah highlighted that hosting AFIS aligns with Morocco’s position as a gateway between Africa and Europe and its established presence in African markets. For her, Morocco is naturally suited for an event of this scale and impact, aiming to promote a unified financial vision across Africa.
According to IFC Vice President for Africa Sérgio Pimenta, mobilizing Africa’s financial power—across sectors like small business financing, renewable energy, agriculture, and digitalization—is critical for the continent’s future. Pimenta also noted the relevance of Morocco as a host, as the country has positioned itself as a regional hub for finance and trade, with public and private sectors committed to fostering regional influence.
AFIS President Amir Ben Yahmed emphasized the transformative potential of this summit, noting that Africa’s finance sector must now meet the needs of its economies as major global players depart. Ben Yahmed envisions AFIS as a decision-making platform rather than a mere discussion forum, where attendees can foster a world-class financial ecosystem for Africa.
This year’s event will focus on five key priorities to drive needed transformations: developing banking and capital market products to channel local resources into productive investments, improving payment interoperability across borders, reducing transaction costs, and fostering stronger partnerships with global financial centers.
Additional objectives include enhancing access to financial products for Africa’s informal workforce, expanding digitalized insurance and banking services, and establishing a pan-African stock market to reduce market fragmentation and boost intra-African investment.
This summit marks a pivotal moment in Africa’s financial evolution, with Morocco playing a central role in steering the continent toward greater economic self-sufficiency and global competitiveness.