MEDA CEO on African-led funds and learnings from Mastercard - CNBC Africa
In a stirring call to action aimed squarely at the economic architects and investors reshaping Africa’s fiscal landscape, MEDA CEO Sonia Okereke underscored the increasing significance of locally-led investment models that cater to the unique socio-economic tapestry of the continent. The advocacy comes as Africa stands at the cusp of a transformative era where traditional financial structures are giving way to more inclusive and diverse frameworks, prominently featuring gender-lens investing. This strategic pivot is not only empowering African women but is also reinforcing economic resilience across the region. Speaking during an in-depth interview, Okereke spotlighted the pivotal role Mastercard has played in adopting and implementing investment strategies that could serve as a blueprint for African economic revitalization. "Mastercard has really set the bar in terms of leveraging global expertise while empowering local ecosystems," she emphasized, pointing out how such global-local synergies can be adapted to African economies. The concept of gender-lens investing has been gaining traction, and Okereke champions it as a formidable tool for driving economic results while advancing social equity. She explained that investments focused on women not only address historical imbalances but also bolster overall economic stability. "It’s not just about equality; it’s about smart economics," Okereke declared, referencing studies that show women-led businesses often yield higher returns and are more sustainable. In advocating for African-led funds, Okereke pressed on the importance of understanding local impulses and respecting the indigenous expertise of African entrepreneurs and investors. The approach requires champions who not only understand the cultural nuances but also commit to long-term engagements rather than short-lived financial expeditions. “Too often, we see international institutions coming in with a one-size-fits-all mandate, and that simply doesn’t work," she remarked. " Sustainable development and meaningful growth can only happen when there’s a genuine collaboration rooted in local insight.” Okereke also reflected on the intersection of technology and finance, lauding how tech-driven solutions can unlock new pathways for investment in Africa. She noted the exponential rise of digital banking, mobile money systems, and fintech apps that have already begun to revolutionize how financial transactions are conducted across Africa. Summarizing her view, Okereke said, "Tech is key – it’s the great equalizer, allowing for transparency, accessibility, and efficiency in investment flow." As Okereke shared her insights, she issued a clarion call to action for more stakeholders to invest in African-led initiatives that harness the continent’s rich vein of innovation and entrepreneurial spirit. The economic journey Africa is embarking on is not without its challenges. However, with cohesive and locally-informed strategies, Africa can emerge as a powerhouse of sustainable development and prosperity, serving as a beacon of inclusive growth to the world. In conclusion, MEDA’s CEO left investors, policymakers, and the global audience with a powerful message: Africa’s future rests in its own hands, and it is only through embracing home-grown models of leadership and investment that the continent can fully realize its potential. Her words aimed to galvanize a movement towards a more inclusive and prosperous African future.