PANAFEST Colloquium

Banking on Africa and the Diaspora: A Panel on Unlocking Banking Connections, Relationships and Learning between Africa and the Diaspora

The financial sector, as we know it, is undergoing rapid transformation in the Twenty-First Century. On the African continent, banks have traditionally served a small part of the business sector. In Ghana, for example, banking and financial resources have historically been limited to wealthier consumers in urban areas. In the United States, the financial sector has its limits in terms of how well it serves African-Americans in need of capital to start businesses, thus exposing the racial inequalities there.

One of the most exciting developments is a new generation of companies and organizations that is bridging the gap and reducing inequality, both in Africa and in the United States. The ideals of improving diversity, representativeness and inclusion in the financial sector are on the agenda of major Central Banks, from the US Federal Reserve to the Bank of Ghana. Recently, technologies such as mobile money, various finance and business apps, and innovative banking approaches from diversity-focused banking initiatives to technologies that decentralize banking processes, have shown the potential to revolutionize the industry, and are making significant progress in improving Black representation. However, much work still remains to be done.

It is for this reason that, during the PANAFEST 2021 colloquium, a roundtable will be organised to unlock banking connections, build relationships, and offer learning experiences between Africans at home and those in the Diaspora. There will be banking professionals and stakeholders with expertise in empowering people of African descent in the banking sector, who will discuss how banking can empower more Africans on the continent, and in the Diaspora, and also start a conversation on how fruitful partnerships may be approached for mutual benefit and learning.