Analysis in brief: The digital revolution has enabled African countries to broaden access to financial services for the benefit of all Africans. Smart phones have been central to this transformation. With new methods of purchasing goods and obtaining loans, African countries are also better positioned to address the challenge of national financial sovereignty. Economists are concerned that international banking systems and lending institutions, on which African nations have long depended, represent a form of neo‑colonialism. As a result, Africans are turning to technological solutions and capital‑investment institutions that offer the continent genuine financial independence.
On multiple fronts, African nations are asserting their economic independence by distancing themselves from international financial institutions that have long dominated global commerce. This new financial autonomy is being undertaken by national and regional institutions. Established institutions expanding their roles and newly-established institutions are facilitating the movement and investment of money across African borders.
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