China-Africa summit call for action on climate, financial inclusion

Participants of China-Africa Digital Financial Inclusion Summit 2024 in Nairobi. [Gerald Nyele, Standard] A summit bringing together experts in digital financial inclusion, renewable energy and sustainable investment has called for greater China-Africa cooperation to achieve climate goals. The China-Africa Digital Financial Inclusion Summit 2024 took place in Nairobi last week and focused on innovative solutions for climate change and economic empowerment. Finance Centre for South-South Cooperation Director General, Dr. Zhong Wu said leveraging digital inclusion is crucial for promoting sustainable investments. "How can finance address global threats in climate change? We can address this by leveraging digital inclusivity to promote sustainable investments in local communities that have largely been left out," said Wu. Chinese Academy of Financial Inclusion, President Dr. Duoguang Bei, called on stakeholders to tackle power supply challenges in remote areas by harnessing new energy solutions. "Renewable energy should be the focus for Africa if we will win the digital financial inclusion agenda that is essential in the fight against climate change," noted Bei. According to the Financial Sector Development Department of the African Development Bank, Chief Investment Officer Grace Kyokunda, Africa can learn from China's financial inclusion efforts through mobile technology. "We look forward to strengthening our partnership with China in developing digital financial solutions that cater to underserved populations," she said. Counselor Office at the People's Bank of China, Director Min Ji said Africa can boost digital financial inclusion through regulatory reforms supporting small, medium, and micro enterprises and agricultural financing. Fui Meng Liew, chief of the Digital Centre of Excellence at the United Nations Children's Fund, noted the reforms could align with the adoption of mobile money accounts, expanding access and creating new opportunities for youth, women and rural communities. At the summit, Kenya and China signed an agreement to enhance cooperation in renewable energy. Kenya Renewable Energy Association CEO Cynthia Muhati said the partnership aims to unlock finance for green energy projects. "Kenya will also benefit from capacity building through technology from China to ensure locals develop solar and other renewable technologies and products that are competitive," said Muhati. At the same time, China Renewable Energy Industry Association Director Wang Weiquan said China is committed to supporting Kenya's expansion of electricity generation from renewable sources. "Under the agreement, China and Kenya will also undertake joint assessments better to understand the needs of Kenya's renewable energy market," noted Wang. The summit also saw the launch of the Afro-Asia Fintech Association, aimed at strengthening financial ties between Africa and Asia with a focus on digital financial inclusion. The association has 160 members and seeks to enhance collaboration among fintech entrepreneurs in the Afro-Asia corridor. April Long, co-founder and CEO of fintech company Pyxis, said the association addresses cross-border payment challenges that have long complicated transactions between the continents. "By using Pyxis's simple and single API, our clients and their customers can pay or collect in their local currencies, with security, affordability and transparency," he said.

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