Assistant Secretary for the Bureau of Economic and Business Affairs at the U.S. Department of State, Ramin Toloui, spoke at the African Fintech Summit on March 12. He discussed the various ways in which U.S.-Africa relations are being strengthened, including initiatives aimed at increasing opportunities for American workers and businesses, strengthening international collaboration on common economic challenges, and utilizing economic tools to further the national security goals of the United States.

During the summit, Toloui spoke with TANTV reporter Karesha about the importance of the Diaspora beyond remittances. He emphasized that creativity plays a crucial role in the Diaspora, and can assist the United States in deepening its relationship with Africa and handling issues such as economic development and food security.

Toloui also highlighted the U.S. Africa Business Summit as a way the United States contributes to the Diaspora beyond remittances. The summit is the largest and most significant conference in the United States on conducting business and investing in Africa. During the summit, President Biden announced the commencement of a new program called Digital Transformation with Africa (DTA). This initiative aims to increase digital access and literacy while also strengthening digital enabling environments across the continent, with plans to spend over $350 million and enable over $450 million in African financing.

The DTA is focused on addressing three key issues in collaboration with various agencies, including the U.S. Department of State, the U.S. International Development Finance Corporation, the Export-Import Bank of the United States, Power Africa, the U.S. Trade and Development Agency, Prosper Africa, and the Department of Commerce. These issues include the development of human capital, the digital enabling environment, and the digital economy and infrastructure.

Toloui expressed his hope that the African Fintech Summit provided an important opportunity to make connections and advance the collective goal of a more connected and prosperous digital future for Africa.

Written by: Karesha Graham
Editor – Omitogun Abolaji