UNECA prioritises financial development for Africa
The UN Economic Commission for Africa (ECA) launched the 2020 Economic Report for Africa 2020. The edition explores private sector financing for African development and considers recent economic developments in corporate banking, equity, financial markets, and infrastructure financing among others. The report identifies financial technology as a mechanism that can be leveraged to leapfrog the continent. It notes that since 2013, capital fundraising through crowdfunding platforms has continued to grow and projects that it will grow by 13.6% each year from 2020 to 2023. The report also highlights the import of new technologies and business models including blockchain, cryptocurrency, electronic payments, and e-commerce and calls for their incorporation in the Africa Continental Free Trade Agreement (AfCFTA). Countries such as Kenya have announced the retirement of cash free mobile money payment measures taken at the start of the COVID-19 pandemic.