Trust in financial institutions will be critical to Africa’s efforts to deepen financial inclusion, expand investment and improve access to capital, Abdul Hackim Kelvin, Director, Africa Public Sector Banking at Citi, has said.
Speaking at the Africa Business Convention 2026 in New York on Friday, Kelvin said confidence in financial institutions plays an important role in determining whether individuals and businesses participate in the formal financial system, access credit and invest in capital markets.
He cited Ghana as an example of how experiences that undermine confidence in financial institutions can have lasting effects on people’s willingness to keep their money within the formal financial system.
“Trust, or the absence of it, can either unlock or restrict some of the big objectives we have as a continent. Ghana is a good example. In the 1980s, under a military government, accounts containing more than $30,000 were arbitrarily frozen. For a very long time afterwards, people in the informal sector were reluctant to keep their money within the formal financial system.”
Kelvin said the financial landscape had evolved over the years, with more people recognising the value of maintaining bank accounts, establishing banking relationships and accessing small loans to grow their businesses.
He added that people had also become more receptive to investing in capital and bond markets, helping to broaden participation in the financial system.
However, he noted that such progress could be undermined when experiences involving financial institutions or investments weaken public confidence.
Kelvin said building and protecting trust should therefore remain central to efforts to deepen Africa’s financial institutions and support the continent’s broader economic objectives.