The youth will drive Africa’s digital economy, hence the need to invest in their skills development to accelerate innovations and growth on the continent, African Development Bank (AfDB) Director-General for East Africa Nnenna Nwabufo said.
Speaking at the 9th World Financial Innovation Series in Nairobi, Kenya, she noted that the youth are ambitious, enterprising, and eager for change.
“Africa’s young people are the most avid adopters of ICTs and digital solutions,” she said.
Recent statistics show that 60% of Africa’s population is below 25 years old. “We anticipate a future that will be very different from today in terms of innovation, enterprise, and job and wealth creation,” Nwabufo added.
The two-day event brought together around 1,500 technology and business heads from banks, insurance, and micro-finance institutions to discuss ways of accelerating financial innovation for a digital and futuristic Africa.
Nwabufo called for the scaling up of startup investments across the continent to grow tech entrepreneurs and enhance financial inclusion. She noted that the number of tech hubs had increased dramatically, with the largest concentration in South Africa, Nigeria, Egypt, Kenya, Morocco, and Ghana.
“These centers provide space for entrepreneurs from all sectors to innovate and integrate digital solutions into traditional sectors,” she said.
