From Dubai to Paris, and now Doha, I have brought Africa’s voice to some of the world’s most influential stages, championing a message I hold dear: Africapitalism.
At the Qatar Economic Forum, I spoke on the future of banking and finance. Representing the United Bank for Africa (UBA), and the wider Heirs Holdings Group, I brought the African perspective to a table of global voices, ensuring Africa is central to the global growth conversation.
At UBA, we serve over 45 million customers, across 24 countries on four continents, processing billions in transactions daily. Across Heirs Holdings Group, we invest in the transformative sectors of Africa’s economy: power, energy, financial services, hospitality, real estate, technology, and healthcare. Our philanthropy, The Tony Elumelu Foundation, has empowered over 24,000 young African men and women with over USD100million as non-refundable seed capital, empowering them to unlock economic prosperity and opportunities.
But beyond the numbers lies our core mission: transforming lives through access to finance, access to opportunity, and access to a better future.
Yet, we are just getting started.
Banking infrastructure is as foundational to Africa’s renaissance as roads, electricity, and ports. For the 21st century to truly belong to Africa, there are four imperatives we must pursue with urgency:
- Make Africa a safe haven for savings: Domestic capital mobilisation is the bedrock of self-reliance. We must build confidence in our systems to encourage savings at scale.
- Attract private global capital: Aid is no longer the answer, investment is – on equitable terms. Africa today offers a young, dynamic market, abundant opportunities, and strong returns. Africa is a compelling investment destination.
- Strengthen the intra-African and global payment infrastructure: Our continent still lacks a seamless, robust payment engine. UBA is bridging this gap, but we must all do more. Fast, transparent payments are essential for trade, development, and prosperity.
- Embrace Africapitalism: I champion the idea that the private sector must lead Africa’s development, not governments or donors. Businesses that create economic value and social wealth are the key to lifting our people and our nations.
Africa is the youngest continent on earth. Over 700 million Africans are under 25. We must create jobs. We must power SMEs. And we must leverage technology to do so.
At UBA, we pioneered AI in African banking with our AI chatbot in 2017. But digital innovation must be accompanied by electricity, capital access, and policy stability. These are the real enablers of inclusive growth.
The message is clear: Africa is open for business, and we are strengthening our foundations daily to welcome more global participation.
I believe that in the 21st century, African financial institutions must facilitate trade, payments, infrastructure, and transactions for the continent with the rest of the world, most importantly, be catalytic in the transformation of the continent.
Africa is ready – we have the people, the opportunity and frankly, the returns.
Join us!
