AFIS 2026: Turning African Capital Into Working Projects

Africa’s financial sector is not waiting for a shortage of capital to solve itself. The problem, according to leaders gathered in Johannesburg, is one of delivery: getting money off balance sheets and into the projects, businesses and infrastructure that actually create jobs.

That operational framing anchored a high-level media roundtable convened on September 30, 2026 by the International Finance Corporation (IFC) and Jeune Afrique Media Group, held ahead of the Africa Financial Industry Summit (AFIS) 2026. The session brought together implementers and operators from across the continent’s financial ecosystem: Cláudia Conceição, IFC Regional Director for Southern Africa; Defne Akarcali, IFC Principal Investment Officer for Southern Africa; Adrian Fielding, Managing Director of AFIS; and Bongi Kunene, Managing Director of the Banking Association South Africa.

The delivery gap was the roundtable’s starting point. “Africa’s biggest economic challenge is not a lack of entrepreneurs, ideas or even capital. It is the gap between capital sitting on balance sheets and capital reaching the businesses that create jobs,” said Conceição. “The question is no longer whether capital exists. The question is whether our markets are ready to absorb it. If we get private capital mobilization right, we don’t just fund projects, we fund futures.”

In her view, execution depends on a specific set of conditions that investors can rely on: predictable regulations, credible project pipelines, transparent procurement, strong governance and reliable data. Without those, capital cannot be deployed at scale, whatever its volume. With public budgets across the continent under pressure, she argued, private capital will carry a decisive share of the financing burden for infrastructure, energy systems, housing, digital connectivity, agribusiness value chains and small businesses, all needed to employ a growing population.

There is evidence that the machinery can work. Participants examined Southern Africa as a case study in market creation, and the numbers show a functioning pipeline: World Bank Group private capital mobilization in South Africa rose from approximately $440 million in FY22 to $3.9 billion in FY26, a trajectory participants read as growing investor confidence in scalable, market-based solutions. More broadly, the World Bank Group mobilized approximately $112 billion alongside its own financing in FY26.

Where does delivery currently stall? Participants pointed first to small and medium-sized enterprises, described as the backbone of African economies yet still constrained in access to financing. The discussion ran through the practical instruments being used to widen that access: trade finance, risk-sharing mechanisms, blended finance, digital financial services and alternative credit assessment models for underserved businesses and entrepreneurs.

Partnerships between banks and fintech companies were assessed as an operational shift already underway, improving efficiency, extending customer reach and opening new channels to serve SMEs, women entrepreneurs and underserved communities. But participants cautioned that inclusion is not just a matter of access. The future of financial inclusion, they argued, depends on affordability, suitability and scale.

Women-led businesses face a distinct set of bottlenecks that the roundtable examined in detail: collateral requirements, administrative burdens and limited access to tailored financial products. The discussion considered how financial institutions could increase lending to women-owned businesses and use data-driven tools to reduce bias in lending decisions.

Beyond SMEs, the conversation covered capital markets development, sustainable finance, regional trade integration and infrastructure financing, including efforts to crowd private investment into strategic sectors such as energy, logistics and manufacturing.

Meanwhile, the Johannesburg engagement forms part of the Road to AFIS series leading up to the summit itself, scheduled for 3-4 November 2026 in Luanda. Participants framed the summit as arriving at a pivotal moment, with the agenda expected to address capital markets, banking sector resilience, SME financing, digital finance, trade corridors, energy investment and the policy reforms needed to unlock greater flows of long-term private capital into African economies.

AFIS, co-hosted by the World Bank Group and Jeune Afrique Media Group, convenes financial leaders, regulators, investors, policymakers and development partners to advance solutions that mobilize capital, deepen markets and accelerate inclusive growth. Whether the continent’s capital can be converted into jobs and functioning infrastructure, participants agreed, will be measured not by the volume of commitments announced, but by whether markets are built to absorb them.