Kemi Ajumobi 
DR. MONIQUE NSANZABAGANWA
Former Deputy Chair of the AU, visionary leader of economic transformation
DR. MONIQUE NSANZABAGANWA has 25+ years of experience in strategic leadership. Immediate Former Deputy Chairperson of the African Union Commission, she implemented an institutional and financial reform and led the strategic planning of the Second Implementation Decade of Agenda 2063- the Decade of Acceleration. Twice in Cabinet of Rwanda, as State Minister for Economic Planning and as Minister of Trade and Industry, then Central Bank Deputy Governor, she significantly contributed to economic transformation in her country.
Dr. Monique is a seasoned financial and economic development expert, with track record of leadership of innovation in promoting intra-African trade and investments. Champion of women, youth, and SMEs participation in value and supply chains and in digital economy as a means to accelerating inclusive growth and shared prosperity, she is intentional in framing accountability and transparency around interventions, as exemplified by her initiative “Women and Youth Financial and Economic Inclusion – WYFEI 2030”. She is adept in fostering strategic partnerships, driving sustainable growth, and implementing effective financial solutions.
Dr. Monique leads with integrity, emotional intelligence, and focus on results. Her book, SEED, a legacy to the African Union and an inspiration to the youth, buttresses her thought leadership and commitment to advancing a better world, in which Africa is a powerhouse of solutions, in line with geostrategic mutations and acceleration of Africa’s Agenda 2063 & SDGs with tangible achievements on the ground. As G20 Africa Expert Panel Member, she continues to use global platforms to advocate for unlocking Africa’s potential through strategic partnerships on value chains.
Dr. Monique holds a MA and PhD in Economics from Stellenbosch University, South Africa, which also recognised her academically sound policy work and inclusive approaches with an Honorary Doctor of Commerce. Wife and Mother of two sons and one daughter, she is fluent in English and French.
What do you believe are the key elements of effective strategic leadership in today’s rapidly changing world?
In my view, the following four are key: Vision- Integrity- Partnerships- Resilience.
Vision. Clarity of vision is important for a transformational leader. One must define the end-state and commit to it. Analysis, evidence, and foresight help inform the vision and set smart goals. Communication is also critical to create a shared vision and chart accountability pathways.
Integrity. The character of a leader matters a lot. Effective strategic leadership delivers through people, and people are inspired by a trustworthy person or an office committed to upholding institutions of accountability. Integrity underpins selfless service, inclusive policies, fair decisions, transparency, and mutual respect.
Partnerships. The adverse spillover effects of today’s geostrategic mutations, conflicts, or natural crises, have spared no one. But equally worth a notice are the opportunities which come with the same, like a silver lining. This complexity demands of leaders to forge win-win partnerships where there is alignment of interest and vision, or even a reason to compromise with a short-term pain to achieve a long-term gain. Partnerships are key to sustain collaborations, attract investments, access markets, adopt and adapt to technologies, and ultimately, unlock the potentials.
Resilience. For me, leadership goes hand in hand with spearheading a journey towards excellence against all odds. Whether it is people’s mindset change or economic transformation, or maintaining a brand’s market share in a competitive environment, it is persistence that makes the difference. It is also how to anticipate the risks and adapt with flexibility.
How do you view the role of intra-African trade in the continent’s economic transformation?
Trade, and the production that must back it, are non-negotiable if we are intentional in the effort to transform Africa with inclusive growth and shared prosperity. Though still at 16% or slightly higher, the intra-African trade is among most feasible options, especially in the face of ongoing trade wars and reshaping global supply chains, and our baseline that is dominantly small and medium enterprises, of which some are yet to formalize their businesses. The African Continental Free Trade Area has the potential to double Africa’s GDP and create millions of jobs in the next five to seven years, if we focused on local resource-based industrialization, integrating the local and regional value and supply chains with connectivity infrastructure, while our youthful tech-savvy population leapfrogs with new technologies. We need also to tackle non-tariff barriers such as border entry processes or fragmented regulatory environments, which today can cost up to 4% of the value of the goods traded between two regional economic blocs. Of course, all these will require aggressive mobilisation of domestic and innovative financial resources as well as strategic public-private partnerships on value chains.
What innovative strategies have you implemented to promote financial and economic inclusion for women and youth?
I have done quite a lot, among the community of central banks and financial sector regulators, both at home and on the global scene, within the Alliance for Financial Inclusion. I will only mention a few examples. I have been intentional on pushing the needle through evidence and sex-disaggregated data, which reports we made mandatory through an electronic data warehouse, so that the financial institutions and fintech companies be accountable and get inspired to embark on better product designs that work for women and youth. I contributed to the creation of an enabling regulatory environment for digital financial services, including the licensing of Mobile Network Operators and overseeing the deployment of interoperable digital payment systems. More recently, at the African Union, I envisioned and spearheaded WYFEI 2030 (The Women and Youth Financial and Economic Inclusion initiative), a partnership framework that aims to mobilise finance, digital and entrepreneurial capabilities, as well as access to markets for women, youth and SMEs more generally. The framework aims to unlock $100 billion by 2030. I should also mention two initiatives where I invested directly. One is a women impact fund co-created with some women in finance, and the other is a not-for-profit organisation that gives agency to teen mothers, both operating in Rwanda.
What progress have you witnessed during the Decade of Acceleration for Agenda 2063, and what areas need more attention?
The Decade of acceleration started with the year 2024 and will run through to 2033. In planning for this decade, some steps were made to correct the mistakes of the past. More attention was given to evaluating the first decade of the Agenda 2063, which will serve as a baseline for the second decade. The evaluation showed outstanding performance in 13 out of 70+ indicators, but unfortunately, 11 others had regressed compared to the starting point. We underperformed in poverty reduction and on growth rates, among others. Some flagship projects such as the Continental Free Trade Area, did extremely well but others did not even take off. This sends a clarion call to pay more attention to the productive sectors, to the industrialisation, and to trade, which are big contributors to income and jobs. Maintaining peace and security, and improving governance, will be key. More investments in human capital, in technology, and in research and development will push us some miles forward. An integrated delivery system will make us gain in efficiency, better sequencing, and equitable distribution of interventions across the countries and sectors. More attention will also be need on the domestication of the Agenda 2063 second decade plan at the national level, on the mobilisation of the $3 trillion through domestic and other innovative means, on better communication and engaging the private sector and civil society for their contributions, and on regular monitoring, evaluation and learning.
How does “Women and Youth Financial and Economic Inclusion – WYFEI 2030” align with Agenda 2063’s goals?
One of the 7 aspirations of the Agenda 2063 is “An Africa, whose development is people-driven, relying on the potential of African people, especially its women and youth, and caring for children”. It is in this line that, in 2020, the African Union Assembly decided a decade for Women’s Financial and Economic Inclusion, 2020-2030. As such, WYFEI 2030 intended to structure a framework of interventions along which partnerships will be catalyzed and brokered, to deliver of the decade. WYFEI 2030 has a results matrix that could facilitate to measure the achievements as well as the gaps, so that accountability be given to the women and youth. Let us all rally behind the African Union and domesticate this framework in our countries, our financial institutions, and other relevant organisations. I wish all women and youth would keep an eye on the pledges and be the first to rate us on the basis of their lived day-to-day experiences.
How can we further integrate women and youth into Africa’s value and supply chains?
We are blessed to have, part to the African Continental Free Trade Agreement, a whole protocol on Women and Youth in Trade. What remains is the implementation of the same. It all starts with taking what women and youth are already producing that could be value-added on and traded locally or across borders, and support them to produce it in critical mass, and in better quality that matches market standards. In this process, they will need to source other inputs or services, thereby being a market to other women and youth who are in the production of the same. They may also need logistical facilities to get the products to the market. Some of the non-financial services they need can be provided in a pooled or shared fashion, to make them cost-effective. Since women and youth tend to operate in the informal settings or in small and medium enterprises, they may not find it easy to access the inputs they need or go through the lengthy administrative steps. Therefore, some practical ways to integrate them can be to onboard them on some of the emerging integrated digital platforms such as Sokokuu-Africa or the Africa Trade Gateway (ATG), or to use the aggregators system.
What measures can support SMEs in thriving within the digital economy?
As I just mentioned, onboarding SMEs on integrated digital ecosystems is already happening. It takes more effort to meet the SMEs at their doors, and commit them to a learning journey. Which is why the providers of this hand-holding deserve all the support, including funding. Making the digital gadgets more affordable is another avenue. The more the SMEs participate in the digital economy, the more they get a track record that enhances their visibility. With a better record and traceability of the sales, and with the use of Artificial Intelligence, new KYC- Know Your Customer models and new financing designs are made possible. However, energy and internet connectivity should not lag behind.
How do you foresee Africa’s place in the global economy evolving through strategic partnerships?
I argue that Africa is a powerhouse of solutions to the global economy. Its tech-savvy youth are a resource for high value industries in the green and digital revolutions. Its growing middle class guarantees a market to manufactures. Its endowments in critical minerals are useful to the green transition. Its carbon sinks play a regulating role for the climate. There seems to be a fierce competition between world’s economic powers over Africa. But Africa is alert, at least by reading its African Union pronouncements or frameworks. My main worry is the lack of a mechanism to enforce the same. Under excessive pressure, there is risk to slide back into fragmentation. Good news is that we have new arrangements for collaboration and coordination, which will go a long way in concretising win-win strategic partnerships that put Africa on the path to integrate and capture a part of the global value and supply chains. They include; the G20, the Africa Club (Alliance of African Multilateral Financial Institutions), and the Africa Team (a platform where African Union and Regional institutions coordinate actions towards the implementation of Agenda 2063).
What are the key components of fruitful and sustainable partnerships on global platforms like the G20?
Africa’s main interests include:
– Articulating its readiness for investments: the AfCFTA, Agriculture, Infrastructure, Energy, Minerals, Pharmaceuticals, Automotive industries, etc.
– Scaling up of development financing: Reforming the financing architecture, debt sustainability, etc.
– Climate action
– Fair rules: credit ratings, banking regulations and standards
What inspired you to pursue a career in economics and leadership?
Observing my aunt Félicula, who was an economist herself, ignited in me the desire to follow the same professional path. I believe there was already a seed in me propelling me to fall for what she was doing for the economic empowerment of women, for the education of the girl child, for organising people in her community to join hands in cooperatives, for rural development projects, and for her involvement in the creation of Duterimbere, a microfinance focusing of financing women’s business projects. I think that kind of a leadership was there. But I never imagined I would be holding positions of leadership in government like she did. My passion was for the teaching profession, like my parents, only that I had targeted to teach in a high education institution.
Tell us about your book and what legacy do you hope to leave through your book?
My book, SEED, is my story, my journey of persistence and significance in implementing impactful policies and reforms. Its timing was inspired for SEED to be my legacy at the African Union. In SEED I share my many blessings as someone whom my country’s leadership selected, empowered, entrusted with responsibilities in the transformational journey of Rwanda, and deployed to implement a critical reform in the African Union. I share my achievements and my shortcomings and learnings, like a leader who is committed to holding oneself accountable. By the way, my pledge to the African Union was to deliver efficiency and accountability. But SEED also goes beyond. It is a contribution aimed to inspire today’s and generations of leaders to come, especially women and youth, to work selflessly towards unlocking the huge potentials Africa holds.
What are the most significant challenges Africa faces in becoming a powerhouse of solutions?
I believe one of the challenges is mindset. We are yet to fully liberate our spirits and unreservedly commit to the spirit of Pan Africanism 2.0, which is to focus on economic liberation through integration, industrialisation, trade, and people-to-people exchanges. Other challenges include fragmentation that cuts across our physical spaces, our political discourses, and our institutional delivery settings. The inadequate infrastructure, the limited financial resources, and even the rampant conflicts could be overcome with the right mindset and unity in action.
Which emerging opportunities should Africa capitalise on to ensure sustainable growth?
The increasing polarisation and trade wars are pushing countries and companies to re-imagine new value and supply chains in order to diversify their economies and build resilience, of which Africa has the potential to attract some to relocate in our continent. The ongoing technological and green revolutions, including Artificial Intelligence, present significant opportunities for Africa to harness its natural resources and skilled youth while cutting down transaction costs and time. Looking inward, the African Continental Free Area is another opportunity for Africa to transform through industrialisation, trade, and win-win strategic partnerships and private investments.
What is your vision for Africa in the next 10-20 years?
My vision is to see good performance on the targets set in Agenda 2063 second decade implementation plan. My vision is for Africa to tap her plenty resources to develop strong value and supply chains from within. I believe silencing the guns will be sustainably achieved when we managed to create shared opportunities so that it gets too costly for everyone to put them at risk.
How can the upcoming generation of leaders continue to drive the momentum toward achieving the Sustainable Development Goals in Africa?
I am afraid we have largely lost track on most SDGs, so for me, it is catch-up, or even, re-imagining different ways of doing things, that we need. The developing world has been calling for aid at scale, which never materialised. The new paradigm for financing our development should be hinged on trade and on investments. The upcoming generations of leaders have in their hands the choice to strengthen continental and regional institutions involved in the implementation of economic integration and peace building on our continent. They could consider capitalising our multilateral, regional and national development finance institutions, as these institutions commit to working collaboratively to unlock the vast pools of capital available locally, and reverse the trends on capital flights. These leaders will hold the responsibility to ensure good governance, security, free movement of people, and macroeconomic stability for the model to work at its best.
What do you remember most as former Deputy Chair of the African Union? What lessons did you learn and what are you grateful for?
I remember that, for the first time, implementation of a major institutional and financial reform was started and gained momentum. I recall the hard work we put in closing a huge gap in the commission’s managerial teams, where from only four directors and two dozen of division heads we filled the vacant positions six-folds for directors, 1.5 times for division heads, almost attaining gender parity in both categories, at 45% female senior managers. I also remember the adoption of a new culture in financial management, which cracked down malpractices and frauds. The achievements in digital transformation and cybersecurity make me smile. I pride myself in the Peace Fund fully operationalised, of which I led roadshows across Africa engaging the private sector and financial institutions to work with the African Union. The WYFEI 2030 was my call of duty as the first female deputy chairperson, leveraging my position beyond its job description to lead a continental initiative that will have lasting impact on fellow women, true champions of the societal changes Africa has been witnessing. My big lesson was that one needs to anticipate the complexities of an intergovernmental process where balancing interests between 55 members sometimes imposes a limit to what can reasonably be done, even with the best of good will in every party.
What have you been up to after your tenure and what are you looking forward to?
I am taking the opportunity to rest a bit and catch-up on family and social responsibilities. I am actively reconnecting with my professional field as an economist and financial sector expert. I sit on advisory bodies such as the G20 Africa Expert Panel and speak at events and conferences, bringing to the conversation a continental perspective and the hands-on experience of a leader and development practitioner. I am also pursuing my thought leadership through articles published from time to time. I enjoy this space while availing myself to take up the next role as and when it happens.
Concluding words
Mainly to congratulate IWA for a major milestone and thank you for the good mission you are on to inspire and motivate women through spotting and highlighting the strengths and successes of other women. The passion for women’s agency is shared and for this reason, I am certain that we will continue to leverage each other in whatever capacities our Almighty God will call me to serve in.