Africa’s leading policymakers, innovators, and business leaders concluded a landmark two-day Africa Soft Power Summit on Friday, establishing comprehensive strategies to advance the continent’s strides towards inclusive economy, economic self-determination and digital transformation.
The fourth edition of this influential gathering brought together over 20 distinguished speakers from across Africa and international organisations, led by Dr. Nkiru Balonwu, founder of Africa Soft Power, and featuring key insights from Phillips Ikeazor, director-general of Financial System Stability at the Central Bank of Nigeria (CBN).
The summit drew high-level representation from Kenya’s leadership, including Chief Justice Hon. Martha Koome and Member of Parliament, Hon. Millie Odhiambo Mabona, alongside Nigeria’s central banking and financial infrastructure leadership through Ikeazor and Ngover Ihyembe-Nwankwo, Executive Director of NIBSS.
Corporate leaders from major financial institutions and technology companies participated, including executives from Mastercard Foundation, Standard Bank Group, Airtel Kenya, Access Bank Kenya, and Interswitch, demonstrating strong private sector engagement in Africa’s digital transformation agenda.
The summit’s theme: ‘Africa’s Growth Engine: Aligning the Flow of Money, Innovation, and Global Opportunities’ explored the financial frameworks, technologies, policies and social dynamics shaping the continent – from cross-border trade, digital tax, and AI governance to data sovereignty, decentralized finance, tariffs, remittances, creative industries, women’s leadership, and more; with sessions led by influential voices from across Africa and the diaspora.
The summit’s pivotal opening panel, “Leading Transformations When Inclusion Isn’t ‘Trending,'” redefined approaches to diversity, equity, and inclusion (DEI), with particular focus on rural and marginalized women. Dr. Balonwu presented a compelling case for fundamental cultural transformation, urging leaders to prioritize intentional mentorship of women and strategic equity initiatives. “Inclusion isn’t a favour, it’s a necessity for our continent’s progress,” she emphasized, positioning women as a crucial political and economic force. The panel featured Kenya’s Chief Justice Hon. Martha Koome, Edwin Macharia (co-founder of Axum.Earth and Mozilla Foundation board member), and senior DEI consultant Banke Sotomi, with Macharia noting: “Power is rarely given; it’s taken. Women must demand their place at the table.”
Speaking on Inclusive Leadership & Disruptions: Shaping Growth and Navigating Global Shifts, another keynote speaker and venture capitalist noted that technology plays a big role in how Africa’s economy would move forward and urged stakeholders to continue to strive for advancements and inclusion.
“In Africa, we’ve played this interesting role where in some ways we’ve leapfrogged some of the technology we’ve seen in the West. And I think when we think about what is going to create this massive transformative shift, it’s going to be this continuous leapfrog in technology. And what we need to be more mindful about is around entrepreneurship in Africa, most entrepreneurs are women.
“A lot of it is informal entrepreneurship, but most entrepreneurs are on the continent. But when you look at the statistics around funding, the majority of the funding globally goes to men, and it’s the same thing we see on the continent. So what I think is crucial to kind of shift that dynamic long-term is, one, having more people like me on the other side of the table, so having more female investors with check-writing power to sort of eliminate and remove the biases,” Ndewa said.
Ikeazor delivered significant insights during day two’s panel on “Policy and Innovation: The Role of Infrastructure in Advancing Emerging Financial Technologies.” Representing the Central Bank of Nigeria, Ikeazor outlined Nigeria’s substantial progress toward achieving 95% financial inclusion, building on the current 74% achievement rate.
He detailed innovative AI-driven anti-fraud solutions and announced the central bank’s new exposure draft for enhanced anti-money laundering standards. “We’ve issued an exposure draft for anti-money laundering standards, leveraging AI to reduce fraud and protect financial stability,” Ikeazor explained, inviting industry innovators to contribute breakthrough solutions. His comprehensive vision for strengthened pan-African collaboration through stablecoins and platforms like PAPSS resonated strongly with attendees, while he acknowledged the political coordination needed to address cross-border payment challenges.
The summit addressed AI’s critical role in democratizing access while protecting African sovereignty. Key discussions centred on African-led data initiatives to address biases in global AI models. Technology leaders including Daisy Isiaho, co-founder of Zuri Health, and venture capital executives from organizations like Delta40 Venture Studios and Stratlink contributed insights on innovation funding and implementation.
Another speaker, also speaking on AI Governance advocated for policy levers to be activated in protecting African innovation and IP, noting that care should be taken to prevent new discoveries in technology from other regions to be first tested in African communities.
“AI is coming with the first industrial revolution, with other technologies, like biotechnology, or something like that. And when we use AI to discover new medicine, or we are using AI in another field, we should take care of not trying to test this new discovery in communities like in Africa. You know, because in Africa there is no specific regulation about AI.
He called for more capacity building for Africa’s policy makers. He said, “Because if we are not doing that, policymakers will not have the comprehension of AI, and will not first be part of the global discussion; will not have the capacity to put the right regulations. And will not have all the knowledge to help ecosystem building. So it is a main challenge we have.”
International organizations were represented through senior executives from the Mastercard Foundation’s Africa Catalytic Impact Fund and other continental development initiatives, highlighting the summit’s significance beyond national boundaries.
The fourth Africa Soft Power Summit, bringing together this diverse coalition of government officials, central bankers, and technology innovators, from Nigeria, Kenya, and across Africa, has established a clear roadmap for inclusive, innovation-driven African development. By systematically addressing structural challenges and advancing inclusive economy, digital finance and AI governance frameworks, this year’s summit has created significant momentum for economic empowerment and strategic autonomy across the continent.
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