This paper explores the relationship between gross fixed capital formation, financial development, and economic growth in Africa. The study used 39 African countries from 1997 to 2017. The study adopted five financial development indicators. The study employed Augmented Mean Group and Common Correlated Effects Mean Group estimation techniques for the estimations. From the study, Bank Deposit to GDP is statistically significant, it has a negative effect on economic growth, and it shows dual causality, Bank Deposit is inadequate in Africa but significant to economic growth. Broad Money to GDP, Domestic Credit to GDP, and Credit to Private Sector to GDP are all statistically insignificant to growth. They also have negative influence on economic growth. Broad Money shows dual causality with growth while both Domestic Credit, and Credit to Private Sector displays one way causality from economic growth. Gross Domestic Savings to GDP is statistically insignificant and it has a positive bearing on growth, it has one-way causality from growth. Broad Money is very limited in Africa to the extent that, the funds available for domestic transactions are barely enough to have any impact on economic growth. Domestic banks and financial institutions hardly gives credit to private sector and government institutions, due to high risk factor. Gross fixed capital formation has a positive bearing on economic growth. It displays bi-directional causality with economic growth. Financial development does not have a blanket relationship with economic growth, but rather it depends on the type of financial development indicator being used.