Chairman of Access Holdings Plc, Aigboje Aig-Imoukhuede, has warned that Africa’s financial development will stay restricted except its banks transfer past profitability and monetary stability to finance companies, infrastructure and job creation.
He additionally known as for globally aggressive African banks, simpler entry to credit score and deeper monetary integration earlier than the continent pursues a standard foreign money.
Speaking on the closing session of the Africa Financial Summit (AFIS) 2026 in Luanda, Angola not too long ago, Aig-Imoukhuede mentioned Africa might not afford a monetary system wherein banks stay worthwhile whereas companies wrestle for funding and thousands and thousands face restricted financial alternatives.
“A banking system can be well, can be as safe as you want it to be, it can be profitable, but then it can still serve an economy that is very underperforming,” he mentioned.
Addressing the summit’s theme, ‘Making Capital Count: Unlocking Growth Through African Finance’, he urged governments, central banks and monetary establishments to measure their success by their contribution to financial improvement and improved dwelling requirements.
He recognized poor entry to working capital as a significant impediment going through small companies, noting that many wrestle to acquire financing even when supplying items and companies to financially strong corporations.
“When an SME supplies goods to a creditworthy buyer, that SME should be able to attract capital and financing at the same cost of the credit rating of that buyer immediately,” he mentioned.
Citing India and Brazil, he urged African banks and regulators to undertake digital invoicing methods that might enhance enterprise financing and assist financial growth.
Aig-Imoukhuede additionally known as for larger funding of pension funds and home financial savings in infrastructure, warning towards utilizing short-term financial institution deposits to finance long-term tasks.
“We can’t use bank deposits, which can be withdrawn tomorrow, to finance long-term projects which require 20-year money,” he mentioned.
He cited the Dangote Refinery for example of large-scale funding alternatives and warned that extreme authorities borrowing might restrict private-sector entry to finance.
Turning to the banking trade, he mentioned the withdrawal of some worldwide banks from Africa had created alternatives for indigenous establishments however warned that African possession alone would not assure progress.
“We must translate the scale we are building into globally competitive value,” he mentioned.
Using Access Bank’s operations in Angola for example, he mentioned the Group aimed to supply companies able to competing with main worldwide banks.
He urged African banks to strengthen their fee methods, worldwide operations and hyperlinks with international monetary markets.
On continental integration, Aig-Imoukhuede warned that fragmented markets and restrictions on cross-border actions continued to weaken Africa’s financial potential.
“Integration must precede monetary union,” he mentioned, urging African governments to take away limitations to commerce, funding and the motion of individuals earlier than pursuing a standard foreign money.
He recalled how his chief of workers was unable to accompany him to Angola due to visa difficulties, questioning how Africa might construct an built-in monetary market whereas such restrictions remained.
He recognized suitable monetary infrastructure, built-in markets and nearer coordination of financial insurance policies as priorities.
Aig-Imoukhuede urged African monetary leaders to make sure that companies might elevate funds extra simply throughout borders and pension property more and more supported infrastructure relatively than authorities securities.
He maintained that Africa’s monetary progress ought to in the end be measured by the flexibility of its banks to create financial alternatives, scale back poverty and enhance dwelling requirements, relatively than merely develop their steadiness sheets.
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