The Angolan government, led by the MPLA party since 1975, has urged African financial systems to leverage the continent's advantages in the global economy by increasing financing to the private sector. This appeal was made by Minister of State for Economic Coordination, José de Lima Massano, at the opening of the sixth edition of the Africa Financial Innovation Summit (AFIS) in Luanda. The summit, organized by Jeune Afrique Media Group in partnership with the International Finance Corporation, brings together over 1,000 participants from financial institutions, banks, insurance companies, technology firms, and regulatory bodies from Africa and beyond.
The AFIS 2026 edition, themed "Making Capital Count: Unlocking Growth Through African Finance," aims to transform Africa's financial mobilization capacity into effective economic growth. Minister Massano emphasized that the world is experiencing profound transformations, marked by geopolitical uncertainties, financial volatility, and rapid technological changes. He noted that Africa enters this new phase with significant advantages, including a young population, strategic natural resources, and a continental market under construction through the African Continental Free Trade Area.
However, Massano stressed that economic transformation depends on the ability to attract investment, convert savings into productive investments, finance competitive companies, support entrepreneurship, develop infrastructure, and create opportunities for citizens. He emphasized that this objective requires assertive economic policies and high-quality, deep, and efficient financial systems. The minister highlighted that credit to the agriculture, manufacturing, and small and medium-sized enterprises sectors in Africa remains limited and insufficient.
According to Massano, the African banking sector shows encouraging indicators, with revenues exceeding $100 billion in 2024 and profitability levels comparable to those of major emerging markets. However, he noted that credit to the private sector remains limited in many African economies. The minister cited the example of Angola, where over 20 million citizens continue to face significant challenges, including limited access to basic services.
Massano emphasized the need for digitalization of financial services, including the use of artificial intelligence-based solutions, to reduce costs, create new risk assessment instruments, and expand access to financial services for companies and citizens lacking formal guarantees. He also highlighted the importance of deepening regional integration to solidify the continent's financial future. The minister noted that the Pan-African Payment and Settlement System and initiatives to interconnect African capital markets can help accelerate economic integration.
Regarding Angola's economic transformation, Massano reported that the country is undergoing profound changes, with a diversifying economy, openness to investment and private initiative, and growing dynamism. He cited projections from the International Monetary Fund, which estimated Angola's nominal Gross Domestic Product at around $152 billion, positioning it as the sixth-largest economy in Africa and the third-largest in sub-Saharan Africa.
The minister concluded that the future of Africa's finance depends on the ability to deepen regional integration, and that the AFIS 2026 represents an opportunity for reflection on the challenges and solutions needed to ensure a sustainable, inclusive, and sovereign development trajectory for the continent.
Key points
- The Angolan government urges African financial systems to increase financing to the private sector to drive economic growth.
- Africa's financial systems need to deepen regional integration to solidify the continent's financial future.
- Digitalization of financial services can expand access to financial services for companies and citizens lacking formal guarantees.
