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African Development Bank Group President Sidi Ould Tah has called on Africa’s financial institutions to reform the way they operate and work together, arguing that greater coordination is essential if the continent is to unlock stronger economic growth and support the needs of businesses.

Speaking at the opening of the Africa Financial Summit (AFIS) 2026 in Luanda on 3 November, Dr Ould Tah said Africa’s financial sector must move faster and become more responsive to the realities facing companies, particularly small and medium-sized enterprises (SMEs).

“For the continent’s financial strength to translate into economic power, African financial institutions must keep pace with the businesses they serve,” he told delegates gathered at the summit.

At the centre of his address was the New African Financial Architecture for Development (NAFAD), a framework designed to strengthen cooperation among Africa’s financial institutions and improve the mobilisation of capital across the continent. Ould Tah described the initiative as a way to rethink how investment is channelled and how risks are shared within Africa’s financial ecosystem.

He argued that a major obstacle to growth is the mismatch between the pace at which financial institutions operate and the needs of businesses. While banks and development finance institutions are often guided by reporting cycles, investment horizons and lengthy processing procedures, businesses work according to production schedules, customer orders and workforce demands.

According to Ould Tah, this disconnect contributes to missed economic opportunities across Africa.

“The result is that jobs are not created, farmers lose access to markets and countries continue importing goods that could be produced locally,” he said.

He called on financial institutions to simplify procedures, improve operational coordination and develop financial products better suited to the realities faced by African businesses.

Ould Tah said NAFAD would provide national, regional and continental institutions with a common framework for cooperation while respecting their individual mandates. However, he warned against viewing the continent’s financial assets as a pool of money readily available for spending.
“These assets have different owners, obligations and time horizons,” he said.

The summit also heard calls for deeper collaboration among Africa’s development finance institutions.

Angola’s Minister of State for Economic Coordination, José de Lima Massano, said the continent’s economic transformation would depend on the effectiveness of its financial systems.

“These institutions are capital multipliers, investment catalysts and key partners in economic transformation,” Massano said, referring to Africa’s multilateral financial institutions. He urged stakeholders to strengthen their ability to mobilise resources and improve coordination with national financial systems.

Meanwhile, International Finance Corporation (IFC) Managing Director Makhtar Diop highlighted growing partnerships between the IFC, the African Development Bank Group, Afreximbank and the Development Bank of Southern Africa. Praising Ould Tah’s leadership, Diop said the institutions were working together to advance Africa’s development agenda.

“We are working together, and no one is more determined to drive Africa forward,” he said.

Diop revealed that the IFC and the African Development Bank were also engaging with African sovereign wealth funds and institutional investors to attract long-term capital into productive sectors of the economy. He further proposed the creation of private sector councils in every African country to help identify reform priorities and advise governments on implementing economic legislation.

Ould Tah also addressed the challenge of Africa’s rapidly growing population, cautioning that the continent’s demographic dividend should not be taken for granted.

“We have to earn it,” he said, stressing the need for greater investment in education, skills development and productive employment opportunities.

The AfDB president said the Bank Group was undertaking internal reforms aimed at improving efficiency and transparency, giving clients clearer information about project requirements, responsibilities and decision-making timelines.

“You should judge us by our ability to deliver tangible results, both in the implementation of projects and in the lives of people,” he said.

The African Development Bank Group was one of the principal partners of AFIS 2026, held in Luanda from 3-4 November. During the summit, the Bank hosted a side event focused on how NAFAD can help mobilise capital, improve project preparation and accelerate implementation to support Africa’s real economy.