Photo: Peter Wood / Wikimedia Commons, CC BY-SA 2.0
Africa’s financial sector must be judged not only by stable banks and lower inflation, but by whether it creates jobs, expands businesses and raises living standards, Aigboje Aig-Imoukhuede has said.
Capital must reach the real economy
Speaking at the closing of the Africa Financial Summit in Luanda, Angola, the Access Holdings chairman said African policymakers and lenders should focus on making existing capital work more effectively for productive sectors.
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Aig-Imoukhuede argued that a banking system can be secure and profitable while still serving an economy that is not generating enough broad-based growth. His intervention came as AFIS brought together more than 1,250 financial leaders, regulators and policymakers on 3-4 November to discuss how African finance can support investment, jobs and regional integration.
He identified a major constraint for small and medium-sized enterprises: firms can deliver goods and services to strong corporate buyers but still struggle for cash while waiting for payment. He said verified invoices and supply-chain transactions should help smaller suppliers secure finance at terms reflecting the credit strength of the buyer.
That would require stronger digital invoicing systems, better financial infrastructure and more responsive lending models. For Black-owned and locally rooted businesses across the continent, the issue is central: access to working capital often determines whether a firm can take on orders, retain staff or scale production.
Long-term money for long-term development
The Access Holdings chairman also called for African savings, including pension and institutional funds, to be directed more deliberately towards infrastructure and real-economy investments.
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He warned against using short-term bank deposits to finance projects that need funding over decades. Instead, African financial markets need vehicles that can channel long-term domestic capital into sectors such as manufacturing, energy, housing, logistics and agriculture.
The call closely reflects AFIS 2026’s agenda, which placed emphasis on turning African savings into African investment and strengthening finance for the real economy. The African Development Bank has also said the summit focused on mobilising domestic resources to help address the continent’s development financing gap.
Aig-Imoukhuede further cautioned that heavy government borrowing can crowd out private businesses seeking credit. He urged closer coordination between central banks, finance ministries and the private sector so that monetary stability is matched by investment conditions that allow enterprises to grow.
Integration before a common currency
On regional policy, he said African leaders should prioritise integrated markets, interoperable payment systems and easier movement of people and capital before pursuing a single continental currency.
Africa remains divided by more than 40 currencies and differing regulatory systems, barriers that add cost to trade and restrict the ability of businesses to operate across borders. Aig-Imoukhuede said deeper integration should include better cross-border payments, linked capital markets and financial institutions able to support African firms internationally.
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The message matters because Africa’s growing financial institutions have an opportunity to convert continental scale into economic power. The test, Aig-Imoukhuede argued, is whether they can help African people and businesses keep more value, investment and opportunity within African economies.