›› Letters to the Editor ‹‹ A container vessel (top) moored at the Port of Berbera, Somaliland. The AfCFTA is expected to lead to a significant increase in maritime traffic, as trade volumes rise AFRICAN BANKER 1ST QUARTER 2024 5 Learn national marketing from banking industry May I begin by complimenting you on the excellent and vital service you are performing for our continent through this publication. It is a measure of the importance of the continent’s banking industry that there is a publication specifically dedicated to this sector. Indeed, all talk about development is meaningless unless the lifeblood of all industry and commerce – finance – is in good shape. African banking and finance has come a long way since the bad times of bank collapses every other day – and your publication, which has chartered this progress has in my opinion, played a significant role in the evolution of the continental industry by linking and profiling institutions in our various countries and with its proliferation of top-quality inter views with the captains of the industry. Long may it continue. The role of pan-African banking, reflected in the growing number of expansions of some of the largest banking groups, has never been more essential than at present, when at last we have the biggest common market in the world, the African Continental Free Trade Area (AfCFTA). By effectively expanding the size of individual national markets, it has triggered massive economies of scale and thus laid the foundation for genuine industrialisation and vastly increased trade, and thus prosperity. But this returns us to the original thesis – the constant and increasing need for capital to be applied to productive processes and with the help of technology, to convert this into an endless river of goods and services – and thus, jobs galore for everybody. But while there is a lot of capital sloshing around, there is fierce competition across the world to get a share. Countries from the most advanced to the most basic, development-wise, are rolling out the red carpet to attract investors – many of whom also come with fresh ideas. Nations spend millions, and a lot of creative energy, to tr y and stand out from the crowd and lure investors to their own countries. In this effort, I’m afraid to say, Africa’s efforts are only lukewarm at best. I do not see the aggressive investment drives that you see from the likes of the American, European and Asian countries. Our economic leaders talk a great deal about attracting investment but their actions in doing so are at best halfhearted. On the high street, the most attractive shop, bursting with desirable products and catchy slogans, will pull in far greater numbers of customers than the dusty, dark shop in the corner manned by a grumpy storekeeper. We know which of the two we would prefer to have. On this aspect, I believe that national governments that are serious about attracting investment, should seek advice from the banking and fintech industry. Banks in Africa are highly competitive and always looking to innovate and leave no stone unturned to let the public know. The ads in African Banker alone give a good indication of the efforts that banks make to attract customers. And it has worked brilliantly. Perhaps it is time that our national economic planners followed their example and applied their approaches to raising the vital foreign investment we need to reach our goal of prosperity for all. Kokil. K. Shah, Mombasa, Kenya We invite letters from our readers who wish to discuss issues raised by African Banker or indeed any other issue involving the economic development of Africa. Please write to anwarversi@gmail.com