Africa’s biggest capital challenge is not a shortage of money but the continent’s inability to deploy available funds efficiently into productive sectors, long-term investments, and businesses capable of driving economic growth, Aigboje Aig-Imoukhuede, chairman of Access Holdings Plc, said.
Speaking at the closing session of the Africa Financial Summit (AFIS) 2026 in Luanda, Angola, Aig-Imoukhuede challenged African policymakers, central bank governors, and financial institutions to rethink the continent’s approach to financing development, arguing that the debate must shift from how much capital exists and who controls it to how effectively it is being utilised.
“We have spent time asking the question, how much capital is there? We’ve also asked the question, who has the capital? And we’ve also spent a lot of time asking, is it too expensive? But at this moment for Africa, I think the real question is, are we making the capital we have?” he said.
His remarks come amid persistent concerns about Africa’s financing gap, limited access to affordable credit, weak domestic capital markets and the difficulty of mobilising long-term funding for infrastructure and productive investments.
According to Aig-Imoukhuede, closing the gap between Africa’s economic potential and its actual performance will depend on how effectively governments, regulators and financial institutions discharge their responsibilities.
He identified three critical priorities for unlocking the continent’s financial potential: moving central banks beyond financial stability towards productive finance, strengthening the capacity of African banks to finance businesses and investments, and accelerating regional financial integration.
He argued that although financial stability remains fundamental to economic development, African central banks must also ensure that monetary and financial policies support productive economic activities.
Inflation, currency volatility, and financial instability, he said, undermine investment, destroy savings and deepen poverty, making price and financial stability essential foundations for sustainable growth.
However, he warned that a banking system should not be considered successful simply because it is safe and profitable.
“We must begin to measure financial system success, not only by low inflation, not only by high inflation, but also by how we finance the economy,” he said.
One area where he sees significant opportunities is financing small and medium-sized enterprises (SMEs), particularly businesses that supply goods and services to larger companies.
He argued that African financial systems could unlock substantial financing opportunities by using the value generated through commercial transactions to improve access to credit for smaller businesses.
Across the continent, he noted, SMEs often operate within business cycles of between 90 and 120 days, creating a mismatch between the time businesses generate value and when they receive payments.
This limits their liquidity and makes it difficult to secure affordable financing, despite their participation in established supply chains.
Aig-Imoukhuede proposed a system in which SMEs supplying larger businesses could access financing based on the creditworthiness of the companies purchasing their goods and services.
Under this arrangement, the financial strength of large corporate buyers could help smaller suppliers secure credit at more affordable rates.
He pointed to India’s digital invoicing system as an example of how transaction data could support financing at scale, noting that the country processes more than three billion invoices annually, demonstrating the potential of digital commercial records to improve access to finance.
For African businesses, such a framework could help transform commercial transactions into financing opportunities, reducing the dependence of SMEs on expensive borrowing and limited conventional collateral.
He also called for a stronger alignment between savings and investment tenures, warning against the use of short-term bank deposits to finance projects that require decades of funding.
“We can’t use bank deposits, which can be withdrawn tomorrow, to finance long-term projects which require a 20-year period,” he said.
According to him, African economies need to develop mechanisms that connect long-term savings with long-term investments, allowing capital to support infrastructure, industrial development and other projects with extended investment horizons.
He also urged policymakers to reconsider restrictions that limit institutional investors’ ability to invest in real estate and other productive assets, arguing that the continent must create more avenues for domestic capital to finance economic development.
Beyond domestic financing, Aig-Imoukhuede warned that the expansion of African-owned banks would not automatically translate into stronger economic value unless their regional presence produces globally competitive institutions.
He noted that African banks have increasingly filled gaps left by multinational financial institutions that have reduced their presence in some markets. However, he argued that replacing foreign-owned institutions with domestic players is only the beginning.
“We must translate the scale of the building into globally competitive value,” he said.
He challenged African banks to move beyond operating as strong domestic institutions and develop regional strategies that support cross-border trade, investment and financial connectivity.
According to him, African financial institutions must build the infrastructure and clearing arrangements that allow businesses and individuals to participate more easily in the global economy, including through digital payments and e-commerce.
He further argued that Africa’s integration agenda must go beyond discussions about adopting a single currency, stressing that the free movement of capital, goods, services and people is more important to building a functional continental financial system.
“We cannot build an integrated African bank when we don’t want to integrate,” he said.
He maintained that regional integration must precede monetary integration, urging African governments to develop financial markets that allow capital to move across borders and businesses to raise funding from investors across the continent.
Aig-Imoukhuede also challenged African pension funds to play a greater role in financing the continent’s development rather than allocating investments outside Africa while domestic businesses and infrastructure projects struggle to secure long-term funding.
He questioned whether African businesses would eventually be able to raise capital across national borders and whether pension funds would redirect more investments towards opportunities within the continent.
Chinwe Michael is a Nigerian business journalist and media professional with over 4 years of experience covering companies, financial markets, banking, fintech, economic policy, financial inclusion, and corporate affairs. She currently leads the Companies & Markets desk at BusinessDay, where she drives coverage of Nigeria’s corporate and capital markets, translates complex financial data into accessible stories, and mentors younger journalists. Prior to that, she was the head of the financial inclusion/fintech desk. With a background in banking and finance and extensive experience in media and communications, Michael has developed expertise in financial journalism, economic analysis, investigative reporting and market intelligence. Her work examines how monetary policy, corporate performance, capital flows, technology, and regulatory decisions affect businesses, investors, and households. She was selected from about 3,000 applicants as one of 20 journalists for Cohort 4 of the MTN Media Innovation Programme, gaining exposure to new approaches to journalism, technology, and media innovation. Her international journalism experience and engagement with professionals across Russia, Dubai, Saudi Arabia, and others in different sectors have further broadened her understanding of global communication and development.
