Calls for urgent and coordinated action to bridge Africa’s financial divide took center stage during the three-day World Chambers Federation (WCF) Africa Summit, held in Nairobi under the theme “Africa’s Global Future: Integrated, Innovative, and Sustainable.”
The summit, officially opened by President William Ruto on Wednesday, convened business leaders, policymakers, and development partners from across the continent and beyond to explore how trade, investment, and sustainability can drive Africa’s economic transformation.
In a high-level panel discussion, Richard Ngatia, President of the East African Chamber of Commerce, Industry and Agriculture (EACCIA) and General Council Member of the WCF, made a compelling case for inclusive financial growth as a cornerstone of Africa’s future.
“Despite progress, nearly 40 per cent of Africans remain unbanked, and 90 per cent of transactions are still carried out in cash,” Ngatia stated. “This is not just a social issue—it’s an economic roadblock.”
Ngatia noted the transformative impact of mobile financial services, which are now used by around one-third of Africans, but highlighted a persistent challenge: only 1 in 10 adults has access to formal credit. He also cited a $330 billion (approx. KSh42 trillion) financing gap faced by African small and medium-sized enterprises (SMEs).
“Limited access to finance is holding back business growth, job creation, and our ability to fully leverage opportunities such as the African Continental Free Trade Area (AfCFTA),” he said.
Calling for a multi-sector approach, Ngatia emphasized the importance of combining innovation, supportive policy, and strong partnerships.
“Digital finance is becoming a cornerstone of financial inclusion, but even the best innovations need the right environment to scale,” he noted. “Good policies can enable banks and fintechs to better serve underserved groups.”
He also advocated for harmonised financial frameworks across Africa, in alignment with AfCFTA’s vision, to ensure that inclusive growth becomes a reality for all.
“Effective regulations, guided by smart data, create the environment for inclusive finance to thrive,” he added.
Ngatia underscored that no single institution can close the financial inclusion gap alone.
“We need collaboration between governments, financial institutions, fintechs, investors, and development partners. Cross-border partnerships can channel vital investment and expertise into Africa’s markets.”
“An Africa that is truly integrated, innovative, and sustainable must also be financially inclusive,” he concluded. “Inclusive growth means ensuring opportunity reaches every entrepreneur, every woman and young person, and every community.”
The panel discussion also featured global financial and policy experts including Xavier Faz (CGAP, World Bank), Omolara Ololade Akanji (International Chamber of Commerce), Hassan Al Hashemi (Dubai Chambers), Wolfgang Fengler (World Data Lab), and Yvonne Oerlemans (Netherlands Business Hub Kenya), all of whom echoed the urgency of addressing financial disparities as a critical step in unlocking Africa’s full economic potential.
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