As part of efforts to reshape Africa’s financial ecosystem, the United Bank for Africa (Plc says it is unveiling a landmark whitepaper that aims to place Africa’s economic agenda at the heart of global financial discussions on the sidelines of the ongoing World Bank-International Monetary Fund (IMF) Annual Meetings in Washington, D.C.
A statement by the group said the whitepaper, titled “Banking on Africa’s Future: Unlocking Capital and Partnerships for Sustainable Growth,” contains strategies for leveraging domestic capital alongside strategic global partnerships to access the continent’s $3.4 trillion single market potential under the African Continental Free Trade Area (AfCFTA).
The document, it stressed, “offers a comprehensive and actionable framework for unlocking Africa’s vast economic potential, providing analysis of critical growth pillars including trade facilitation, infrastructure development, digital innovation, climate finance, and inclusive growth.”
Commenting on the plan, UBA’s Group Chairman, Tony Elumelu, emphasised the strategic importance of this whitepaper, stressing that over the past few years, the bank has become an active leader in conversations and activities that drive tangible investments to the continent.
Currently, he explained that “UBA is shifting Africa’s development agenda from talk to action. With this whitepaper, we are championing initiatives that convert strategic dialogue into bankable projects and direct investments.”
For him, “our commitment to execute these plans for the benefit of the continent and its people cannot be overemphasised,
“We are committed partners in Africa’s development and sustainability and will continue to provide the capital, the platform, and the network needed to transform Africa’s vast potential into economic growth,” he stressed.
This, the group believes is achievable against the backdrop of its network of 25,000 employees, offering retail, commercial, and institutional banking services to over 45 million customers globally, including footprints in 20 African countries, the United Kingdom, the United States of America, France, and the United Arab Emirates.
Also commenting on the the significance of the white paper, UBA’s Group Managing Director and Chief Executive Officer, Oliver Alawuba, highlighted the urgent need for private sector leadership, describing the plan as “a call to action and a statement of our capability,
“It underlines our unique position in facilitating the partnerships and capital flows required to finance Africa’s future, providing the blueprint for action. The document delivers critical insights at a defining moment for Africa’s financial infrastructure,” he stressed further.
