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Business Insider
3 days ago
- Business
- Business Insider
Africa Soft Power Summit 2025: Mobilising capital, creativity and influence for African-led growth
The summit comprised two main conferences: the Remarkable African Women's Leadership Conference and the Creative & Innovative Industries Conference, alongside the Africa Soft Power Gala & Awards. "Africa's creative and tech sectors... have already proven themselves to be a powerful engine for growth," said Nkiru Balonwu, Founder of Africa Soft Power Group. 'African soft power can be a hugely influential force in driving positive change.' A central theme of the Remarkable African Women's Leadership Conference was the imperative to move beyond superficial gestures of inclusion towards embedding gender equity into the core of institutional and economic structures. Hon. Naisula Lesuuda, Member of Parliament, Samburu West, Kenya, in her keynote, warned of "inclusion fatigue," where policy tweaks fail to translate into real opportunity, and called instead for deep institutional reform. Mary Mulili, MD/CEO, UBA Kenya, whose bank operates in a sector traditionally dominated by male leadership, urged organisations to integrate gender equity into corporate strategy, not silo it as a standalone initiative. Balonwu argued for Africa to 'define its own DEI frameworks, rooted in context, not copy-paste', while Wangari Muikia, Founder, Expertise Global, maintained that DEI should be positioned not as a discretionary item but as a fundamental driver of economic performance, supported by data. Innovation, creative and knowledge industries: New economic frontiers At the Creative & Innovative Industries Conference, Discussions on financial technologies focused on driving innovation while ensuring stability and broad access. Philip Ikeazor, Deputy Governor, Financial System Stability, Central Bank of Nigeria, said regulators were working to "support the growth of digital finance" and are constantly developing 'baseline standards that incorporate the latest technologies'. Aliya Shariff, Senior Director for Africa Catalytic Impact Fund, Mastercard Foundation observed that digital finance is vital for reducing the high "cost of operations" for businesses on the continent. Mr. Ikeazor later described infrastructure as 'what connects capital to innovation'. The advancement of Artificial Intelligence (AI) also prompted significant discussion on how Africa can utilize its capabilities equitably. Dr. Seydina Moussa Ndiaye, President of the Senegalese Association for Artificial Intelligence, defined digital sovereignty as the ability to control data and infrastructure while "framing the technology in our own terms,' while Muthoni Karubiu, COO of Amini, challenged the obsession with billion-dollar data centres: 'What works for us? What is important for our context?' Lorna Omondi, Partnerships Lead, Google Research Africa stressed the importance of training AI models on African data to solve problems, while Kojo Boakye, Vice President of Public Policy for Africa, Middle East and Türkiye, Meta highlighted the potential of open-source models like Llama to democratise access for African developers. Sports & Storytelling: Underleveraging soft power Africa's sports and entertainment sectors were presented as underleveraged growth assets. Chi Ogbuehi, VP of Marketing Technology & Consumer Products, National Football League (NFL), discussed initiatives like the NFL's International Player Pathway, aimed at cultivating talent directly within Africa, noting the shift towards investing in local development ecosystems. Joel Omotto, Senior Reporter, Pulse, emphasized the power of sports narratives to shape perceptions of the continent, reflecting stories of resilience and achievement. Investment in these sectors, as noted by Julio De Souza, Vice President, Venture Capital and Impact Finance, StraLlink, emphasised the need for 'investable, local, and foreigner' opportunities, leveraging technology and entertainment for growth. Film and Arts: Developing bankable creative assets The 'Producing for Profit' panel addressed the commercial potential of Africa's film sector. Kola Aina, Founding Partner, Ventures Platform, argued that authenticity and contextual relevance were key to bankability. 'Strong business cases,' he said, require 'data, distribution, and de-risking.' Filmmaker Judy Kibinge rejected the notion that African documentaries must focus on negative themes to gain global traction, advocating for 'a human story that needs to travel.' Michael Strano, Chair, Partners Against Piracy Association of Kenya, cited piracy as a significant threat, estimating daily losses of "$2.2 million" to Kenya's creative industry. Unlocking the value of Africa's beauty and wellness economy The panel 'Beauty, Balance, and Billions: The Female Economy & Modern Health' explored Africa's growing beauty, wellness, and healthcare sectors — areas powered by women as both consumers and entrepreneurs. Waitherero Githu, Head of East Africa Operations, Uncover, called for innovation grounded in African needs. Daisy Isiaho, Co-founder and Chief Product Officer, Zuri Health, stated: 'We're not just solving for vanity. We're solving for visibility, access, and dignity in care.' Umuhany Zuhudi, Co-Founder and Chief Innovation Officer, Daya Hub East Africa, and Dr. Silvia Okamgba — who moderated the session — emphasised ethical investment and inclusive entrepreneurship as cornerstones of sustainable sector growth. Another session examined how remittance flows can move beyond private transfers to support broader development. Temi Popoola, Chief Executive Officer, Nigerian Exchange Group (NGX), advocated for repositioning remittances as channels for structured investment: 'They can serve as access points into national development and capital markets.' Andrew Kabeke Mutha, Chief Executive Officer, Safaricom Money Transfer Ltd, stressed the importance of transparency and trust to encourage diaspora participation. Gakii Mwongera, Director of Mobile Financial Services, Ericsson, called for interoperable, scalable systems across the continent. James Irungu Mwangi, Founder and Chief Executive Officer, Africa Climate Ventures, added, 'If structured well, remittances can support climate adaptation, SMEs, and community-scale infrastructure, but this requires enabling policy and intentional design.' More Themes: Capital Flows, collaboration and narrative control Throughout the summit, speakers repeatedly emphasized the need for greater African-led investment. Edwin Macharia, Co-Founder, noted that too many capital decisions are made by individuals with little understanding of African markets. Lewam Kefela, Principal, Partech Africa, underscored the need for more Africans, and more women, in key investment roles. Collaboration was another key theme, with panellists calling for closer ties between governments and the private sector, across borders, and even among competitors to build robust, scalable ecosystems. There was also a strong consensus on the need for Africa to define and project its own narrative, in AI, DEI, film, and finance. The call was clear: African priorities must be set and communicated on African terms, in response to shifting global dynamics. Implications and outlook The Africa Soft Power Summit 2025 offered a cohesive vision of African-led growth driven by cultural capital, financial innovation, and inclusive leadership. The challenge now lies in turning these insights into action. Panellists emphasized that realizing this vision will require political will, financial backing, and coordinated implementation. Above all, they called for a collective commitment to ensure Africa's expanding influence is exercised sustainably, and inclusively.
Business Insider
04-06-2025
- Business
- Business Insider
Diversity & inclusion must go beyond superficial gestures to the heart of institutions, say African Business leaders at ASP Summit 2025
The fourth annual Africa Soft Power Summit took place in Nairobi, Kenya from May 21st – 25th, bringing together public and private sector leaders from across the worlds of finance, technology, creativity and more. Themed 'Africa's Growth Engine: Aligning the Flow of Money, Innovation, and Global Opportunities', the summit centred around two main conferences: At the former, key participants made their thoughts clear on the importance of diversity, equity and inclusion (DEI), with a particular focus on the need to embed gender equity into the heart of institutional and economic structures. In her keynote address, Hon. Naisula Lesuuda, Member of Parliament, Samburu West, Kenya, cautioned against engaging in performative actions, which carry the risk of contributing towards 'inclusion fatigue'. Real change she said, needs to be more profound and systematic, beginning with the very language we use to think about leadership and society: 'Beyond existing laws and policies, what are some of the cultural things we need to change in our spaces to give women more room to work and thrive? One of them, which we can all change in our organisations, is something as simple as language. In Parliament, we had to push to change our standing orders from 'chairman' of committees to 'chairperson' – because in their minds, 'chairman' automatically meant a man. As a result, all the committees, especially the powerful ones, were headed by men. So even just the language that we use in our spaces sets a mindset and a stereotype.' Dr Nkiru Balonwu, founder of the Africa Soft Power Group and lead convener on its flagship summit, said that Africans need to define their own DEI frameworks, authentic to the continent's diverse contexts, and emphasised the ability of African soft power to have a wider impact on the global stage: 'We can actually design the DEI framework that we want for people to follow, as opposed to always following the Western norm. Africa's creative and tech sectors have already proven themselves to be a powerful engine for growth, on both an economic and societal level. African soft power can be a hugely influential force in driving positive change.' Creative & Innovative Industries Conference Africa's ability to influence positive change on a global level was a concept that also ran throughout the Creative and Innovative Industries Conference, taking place on the second day of the proceedings. In an agenda packed full of cutting-edge themes around AI, finance tech, creative & corporate funding, and the need to balance growth and stability… infrastructure – in all its forms – emerged as a key focal point. Philip Ikeazor, Deputy Governor, Financial System Stability, Central Bank of Nigeria (CBN), indicated that regulators are working to support the growth of digital finance, while constantly developing baseline standards that incorporate the latest technologies. 'Infrastructure is what connects capital to innovation, he said. 'Safety and security are paramount - not just from the business side, but from a systemic point of view.' Aliya Shariff, Senior Director for Africa Catalytic Impact Fund, Mastercard Foundation, highlighted that while much of our conceptualisation of infrastructure often leans towards hardware (roads, buildings, energy, etc.) we must not forget that software is the lifeblood of today's digital world, as well as the human communication that surrounds it: 'We need to think more about 'soft infrastructure in terms of regulatory clarity, data protection laws, and system interoperability.' This also extends to issues surrounding access, digital inclusion, and more level playing fields, explained Sharrif, stating: 'Our businesses aren't inferior, they're just more expensive to operate. Inclusion isn't just access; it's affordability and usability. Even though Africa is leapfrogging into mobile finance, the continent still struggles with smartphone affordability, energy availability, and device taxation policies.' Leading by example The summit at large provided a range of high-level perspectives on some of the key issues of the day. There was consideration of the continent's role in the advancement of AI, with input from Google Research Africa's Lorna Omondi and Kojo Boakye - VP of Public Policy, Africa, Middle East and Türkiye, Meta, while Africa's sports and entertainment sectors were presented as underleveraged growth assets. Chi Ogbuehi, VP of Marketing Technology & Consumer Products, National Football League (NFL), discussed initiatives like the NFL's International Player Pathway, aimed at cultivating talent directly within Africa, noting the shift towards investing in local development ecosystems. Investment in these sectors, as noted by Julio De Souza, Vice President, Venture Capital and Impact Finance, StratLink, requires building "investable, local, and foreigner" opportunities, and leveraging the intersection with technology and other entertainment forms for monetization and fan engagement. Overall, the 2025 Africa Soft Power Summit outlined a clear direction: that Africa's growth is an ongoing reality, driven by the ingenuity of its populace, the dynamism of its creative and technological sectors, and the increasing influence of its women leaders. The primary call from business leaders attending the summit was to turn such energy and insights into tangible results on the ground, on both an economic and societal level.
