Chairman of Access Holdings Plc, Aigboje Aig-Imoukhuede, has called on African policymakers, central banks and financial institutions to redirect attention from financial stability and institutional growth towards the productive use of capital to drive economic prosperity across the continent.
Delivering the keynote address at the closing session of the Africa Financial Industry Summit (AFIS) 2026 in Luanda, Angola, Aig-Imoukhuede said Africa’s next phase of financial development must translate stronger institutions, macroeconomic stability and indigenous banking capacity into tangible improvements in businesses and people's lives.
His address, themed “Making Capital Count: From Financial Stability to Productivity, Prosperity and African Integration,” concluded a summit that attracted more than 1,500 participants and a reported record 18 central bank governors.
He said the participation of policymakers and financial leaders reflected growing consensus on the reforms and institutional capabilities required to advance Africa’s economic transformation.
However, he cautioned that financial stability and resilient banking systems, although essential, would not automatically deliver development.
“Stability is essential, but stability cannot be the final destination,” he said. “A financial system must do more than protect itself. It must support production, enable investment, create opportunities, and help lift people out of poverty.”
Rethinking Financial-System Success
Aig-Imoukhuede commended African central banks for strengthening financial supervision and improving the resilience of banking systems amid inflation, exchange-rate pressures and other economic vulnerabilities.
He argued, however, that a banking system could remain stable, profitable and well regulated while the wider economy continued to struggle with low productivity.
He called for a broader assessment of financial-sector performance, one that considers not only inflation, capital adequacy, risk ratings and profitability, but also the extent to which financial institutions support businesses, create jobs, finance production and improve living standards.
Unlocking Capital for Small Businesses
One of the priorities he highlighted was the release of capital tied up in commercial transactions, particularly payments owed to small and medium-sized enterprises (SMEs).
He observed that many SMEs supply goods and services to larger, creditworthy companies but face prolonged payment cycles, sometimes waiting well beyond the 90 to 120 days required to complete their work.
Such delays, he said, restrict their ability to pay workers, replenish inventory, take on new contracts and expand operations.
Aig-Imoukhuede advocated technology-enabled systems that would allow SMEs to convert verified invoices into immediate financing, with borrowing costs reflecting the credit strength of the corporate buyer.
Citing examples from India and Brazil, he said digital invoicing and invoice-financing models could help release liquidity, strengthen supply chains and improve access to working capital.
Mobilising African Savings for Development
He also called for stronger mechanisms to connect domestic savings with the continent’s long-term investment needs.
According to him, the mismatch between the short-term deposits held by commercial banks and the long-term financing required for infrastructure and industrial development remains a challenge.
He cited the Dangote Refinery as an example of the type of major African project that could benefit from mechanisms enabling households, pension funds and institutional investors to participate in productive investments.
He argued that Africa should develop credible investment vehicles that allow domestic capital to finance the continent’s development while maintaining appropriate risk and return standards.
Public Borrowing and Private-Sector Credit
Aig-Imoukhuede identified excessive public-sector borrowing as another challenge, warning that government demand for capital could crowd out financing for manufacturers, entrepreneurs and other productive businesses.
Where government securities offer attractive returns with relatively low risk, financial institutions and investors may have less incentive to finance private-sector activities that carry higher risks.
He called for stronger coordination between monetary and fiscal authorities, noting that central banks alone could not resolve structural economic challenges.
He also proposed that future AFIS meetings bring finance and budget ministers into discussions alongside central bank governors to address government borrowing, debt sustainability, private-sector credit and long-term economic growth.
African Banks Must Convert Scale into Value
Turning to the banking industry, Aig-Imoukhuede described the expansion of indigenous African banks into markets previously dominated by international institutions as an important development.
However, he maintained that geographical expansion and African ownership should not be the only measures of success.
He said African banks must provide the cross-border payment systems, international clearing arrangements, correspondent banking relationships and operational capabilities needed to connect businesses and customers to regional and global markets.
Reflecting on Access Bank’s presence in Angola, he said the ambition should go beyond operating successfully within individual countries to providing customers with the international connectivity required to compete globally.
He called for African banks to strengthen relationships in major international financial centres, including Group of Seven markets, while developing the payment, clearing and settlement infrastructure required for cross-border business.
For Access Holdings, he said this represented a transition from scale to value, with the Group's footprint increasingly measured by service quality, connectivity, productivity and its contribution to economic activity across markets.
Integration Beyond a Common Currency
Aig-Imoukhuede also argued that African integration should not be reduced to discussions about establishing a single currency.
He said practical integration across financial systems, markets, goods, services and people must come first.
Illustrating the challenge, he recounted how visa restrictions prevented his chief of staff from accompanying him to Angola, describing the experience as an example of the barriers that continue to limit movement across the continent.
He said deeper integration would require greater mobility, accessible regional markets and interoperable financial infrastructure to enable businesses and capital to move more efficiently across borders.
He outlined three priorities for advancing this process: financial interoperability, capital-market integration and macroeconomic convergence.
Financial interoperability, he said, would require connected systems for cross-border payments, settlements and financial services. Capital-market integration would enable investors, pension funds and institutions in one country to access investment opportunities in other African markets.
Macroeconomic convergence, meanwhile, would require greater alignment of economic policies and conditions to strengthen confidence among investors, businesses and financial institutions operating across national boundaries.
In his closing remarks, Aig-Imoukhuede said Africa's financial institutions should focus less on expansion for its own sake and more on converting their scale into productive investment, stronger connectivity and measurable economic impact.
