Access Holdings Chairman Challenges African Banks to Prioritise Productive Investment Over Capital Growth

The Chairman of Access Holdings Plc, Aigboje Aig-Imoukhuede, has challenged African policymakers, central bankers and financial institutions to shift their focus from the volume, ownership and cost of capital to how effectively it is deployed to drive productivity, economic prosperity and sustainable development.

Aig-Imoukhuede made the call while delivering the keynote address at the closing session of the African Financial Industry Summit (AFIS) 2026 in Luanda, Angola.

Speaking on the theme, *“Making Capital Count: From Financial Stability to Productivity, Prosperity and African Integration,”* he argued that Africa’s next phase of financial development must translate macroeconomic stability, stronger institutions and indigenous banking capacity into tangible improvements in businesses, communities and people’s lives.

The summit attracted more than 1,500 participants, including a reported record 18 central bank governors. Aig-Imoukhuede described their participation as evidence of growing consensus across the continent on the reforms and institutional capacity needed to accelerate economic transformation.

He, however, warned that capital availability, resilient banks and macroeconomic stability would not automatically deliver the development outcomes Africa needs.

According to him, the critical question is whether financial resources are being channelled into productive activities capable of creating jobs, expanding businesses and improving living standards.

“Stability is essential, but stability cannot be the final destination. A financial system must do more than protect itself. It must support production, enable investment, create opportunities, and help lift people out of poverty,” he said.

**Rethinking How Financial Success Is Measured**

Aig-Imoukhuede commended African central banks for strengthening financial supervision and building more resilient banking systems while addressing inflation, exchange-rate pressures and other vulnerabilities.

However, he maintained that a banking system could remain stable, profitable and well regulated while the wider economy continued to struggle with low productivity.

He therefore called for a broader assessment of financial-sector performance, beyond conventional indicators such as inflation, capital adequacy, risk ratings and profitability.

He said governments and regulators should also examine whether financial institutions were financing production, supporting businesses, creating employment, expanding productive capacity and improving citizens’ welfare.

**Unlocking Funds Trapped in Commercial Transactions**

The Access Holdings chairman identified the release of capital trapped in everyday commercial transactions as one of Africa’s most urgent priorities.

He explained that many small and medium-sized enterprises supply goods and services to larger, creditworthy companies, complete their contractual obligations within 90 to 120 days, but often wait significantly longer to receive payment.

Such delays, he said, weaken business cash flow and limit the ability of SMEs to pay workers, replenish inventory, accept new contracts and invest in expansion.

He advocated technology-driven invoicing and invoice-financing systems that would enable businesses to convert verified invoices into immediate working capital, with financing costs reflecting the creditworthiness of the corporate buyers.

Citing examples from India and Brazil, he said digital invoice-financing models could help unlock liquidity, strengthen supply chains, sustain employment and improve the resilience of productive sectors.

**Mobilising African Savings for Development**

Aig-Imoukhuede also called for stronger mechanisms to connect Africa’s domestic savings with its long-term development requirements.

He highlighted the mismatch between the short-term deposits held by commercial banks and the long-term financing required for infrastructure, industrial development and other productive investments.

According to him, African households, pension funds and institutional investors are capable of providing long-term capital when credible investment opportunities and appropriate financial products are available.

Using the Dangote Refinery as an example of a major African development project, he called for investment structures that would allow households and institutional investors to participate in large-scale projects.

He warned that Africa could not continue relying excessively on foreign capital while domestic savings remained concentrated in instruments that did not adequately support productive economic transformation.

He stressed, however, that efforts to mobilise local capital must maintain appropriate risk management, fiduciary responsibilities and prudential standards.

**Government Borrowing Must Not Crowd Out Businesses**

The Access Holdings chairman identified excessive government borrowing as another major challenge confronting private-sector investment across Africa.

He explained that when government securities offer attractive returns with relatively lower risks, financial institutions and investors may prefer them to lending to manufacturers, entrepreneurs and other businesses whose financing needs carry greater risks.

Such a situation, he warned, could create a financial system that appears stable but remains disconnected from the productive economy.

He called for stronger coordination between monetary and fiscal authorities, arguing that central banks could not independently resolve structural economic challenges through monetary policy.

Aig-Imoukhuede also proposed that future AFIS gatherings include finance and budget ministers alongside central bank governors to encourage more comprehensive discussions on government borrowing, debt sustainability, private-sector financing and long-term economic growth.

**African Banks Must Convert Expansion into Economic Value**

On the banking industry, Aig-Imoukhuede described the expansion of indigenous African financial institutions into markets previously dominated by international banks as a significant development.

He noted that the growing presence of African banks was particularly important as some global financial institutions reduced or withdrew their operations from parts of the continent.

However, he cautioned that African ownership and geographical expansion should not be treated as sufficient measures of banking success.

He said indigenous banks must provide services that match or surpass those previously offered by international institutions, particularly in cross-border payments, international clearing, correspondent banking and operational connectivity.

Speaking about Access Bank’s presence in Angola, he said the ambition should go beyond establishing a successful domestic banking operation to providing customers with the international financial connections required to compete in regional and global markets.

He urged African banks to strengthen relationships in major international financial centres, including Group of Seven markets, while developing the payment, clearing and settlement infrastructure needed to support cross-border commerce.

For Access Holdings, he said the transition should be from expansion and scale to measurable value, with performance increasingly assessed through service quality, franchise productivity, stronger connections and contributions to cross-border economic activities.

He maintained that the value of a pan-African financial institution should not be measured simply by the number of countries in which it operates, but by how effectively it connects those markets.

**African Integration Must Go Beyond a Common Currency**

Aig-Imoukhuede also challenged the tendency to define African economic integration primarily around the proposed creation of a single continental currency.

He argued that practical integration across financial systems, markets, goods, services and people must come before monetary union.

To illustrate the difficulties confronting continental integration, he recounted how his chief of staff could not accompany him to Angola because of visa restrictions.

He described the experience as an indication of the contradiction between Africa’s integration ambitions and the barriers that continue to restrict the movement of people across the continent.

According to him, meaningful financial integration requires easier mobility, accessible regional markets and interoperable systems that allow businesses, capital and individuals to participate more freely in opportunities beyond their home countries.

**Three Priorities for Deeper African Integration**

The Access Holdings chairman outlined three major priorities for accelerating financial and economic integration across Africa.

The first is financial interoperability, involving connected infrastructure for secure and efficient cross-border payments, settlements and financial services.

He noted that fragmented payment systems increase transaction costs, delay business activities and restrict intra-African trade.

The second priority is capital-market integration, which would enable investors, pension funds and financial institutions in one African country to access credible investment opportunities in other markets across the continent.

He said this could expand financing for businesses and infrastructure while providing investors with a wider range of productive assets.

The third is macroeconomic convergence, which he described as essential for building confidence and consistency across African economies.

He argued that deeper financial integration would require greater alignment of economic policies and conditions to enable capital, institutions and businesses to operate more effectively across national borders.

Concluding his address, Aig-Imoukhuede said the next frontier for African financial institutions should not be expansion for its own sake, but the conversion of institutional scale into measurable economic value through productive investment, stronger connectivity and improved living standards.