Africa’s financial future cannot depend on aid or short-term external capital, four of the continent’s central bank governors warned this week. Speaking at the Africa Financial Summit in Casablanca, they urged a bold rethink of how African banks mobilize resources calling for innovation, deeper savings, and a stronger domestic investment base.
Jean-Claude Kassi Brou, Governor of the Central Bank of West African States (BCEAO), challenged banks to “be more imaginative” in raising long-term funds. He emphasized that Africa’s financial system must tap into underused resources such as insurance, pension, and diaspora funds rather than relying heavily on deposits from governments and corporations. According to the World Bank, gross domestic savings in Sub-Saharan Africa hover around 16% of GDP, compared to more than 30% in many Asian economies, a gap that limits Africa’s investment capacity and long-term growth.
Bank assets in the region, equivalent to about 41.5% of GDP, show that institutions are active but not necessarily productive for development. The pressing question, governors argued, is whether these assets are financing progress or simply recycling short-term capital.
For Manuel Antonio Tiago Dias, Governor of the Banco Nacional de Angola, technology will define the next phase of transformation. Central banks are integrating artificial intelligence into supervision, compliance, and risk management, with Angola, Kenya, and Nigeria leading digital finance initiatives. These efforts reflect a broader shift toward technology-driven inclusion and oversight.
André Wameso of the Central Bank of the Congo highlighted digitalisation as Africa’s development shortcut, citing innovations like Starlink that help nations leapfrog traditional infrastructure gaps. Meanwhile, Uganda’s Michael Atingi-Ego called for embedding ESG principles to direct credit toward agriculture and local enterprise, ensuring sustainable, inclusive finance.
Across the continent, one message was clear: Africa’s financial independence will not be built on short-term deposits or foreign aid but on its own savings, innovation, and digital resilience.
