Aig-Imoukhuede challenges African banks to make capital count, not just stay stable
Access Holdings Chairman Aigboje Aig-Imoukhuede told the Africa Financial Summit in Luanda that Africa's financial systems must shift focus from stability to productivity. Speaking at AFIS 2026 under the theme "Making Capital Count," he argued that well-capitalized, profitable banks still serve underperforming economies unless capital reaches productive enterprises.
Three actionable priorities emerged: First, unlock capital trapped in SMEs by letting businesses finance against creditworthy buyers' invoices at the buyer's rate—citing India and Brazil's digital invoicing models. Second, mobilize long-term domestic savings (pensions, household funds) into infrastructure instead of relying on short-term bank deposits for 20-year projects, pointing to Dangote Refinery as proof of investor appetite. Third, integrate financial markets before pursuing a common currency—building interoperable payments, connected capital markets, and macroeconomic convergence.
He warned that excessive government borrowing crowds out private credit and urged finance ministers to join central bank governors at future summits. On banking competitiveness, he declared African banks must replace departing global institutions with globally competitive alternatives, not just domestic ones—using Access Bank's Angola ambition as example: "We want to serve you as a stronger international bank than those who left."
Visa barriers illustrate integration gaps: his chief of staff couldn't accompany him to Angola. Real integration demands political commitment, not just technical fixes.
Will African pension funds finance infrastructure over government bonds in 10 years? Will cross-border capital flow as freely as goods should? The next measure of success isn't capital attracted or banks stabilized—it's whether Africa converts financial resources into shared prosperity.