United Bank for Africa (UBA) is positioning itself at the centre of a new continental growth agenda. The bank has come up with a plan to unlock over $4 trillion indomestic financial assets to power Africa’s sustainable development.
The strategy was unveiled in a new whitepaper entitled ‘Banking on Africa’s Future: Unlocking Capital and Partnerships for Sustainable Growth.’ The document was launched on the sidelines of the International Monetary Fund (IMF) and World Bank Annual Meetings in Washington, D.C.
The whitepaper calls for a shift from aid dependency to investment-led development. It argues that Africa’s economic future depends on integrating its vast domestic resources with global partnerships that can de-risk investment and accelerate private-sector growth.
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According to UBA, Africa holds over $4 trillion in domestic financial assets, including $2.5 trillion in commercial bank assets and $1.1 trillion in long-term institutional capital. Yet, much of this capital remains underutilised. The report proposes a framework to channel these funds into infrastructure, manufacturing, renewable energy, and digital innovation.
By aligning domestic capital mobilisation with the $3.4 trillion potential of the African Continental Free Trade Area (AfCFTA), UBA sees an opportunity to create a self-sustaining financial ecosystem. The goal, it says, is to enable African nations to rely less on foreign borrowing and concessional funding.
Tony Elumelu, UBA’s Group Chairman, said the bank’s initiative builds on the Africapitalism philosophy, a development model that places the private sector at the core of Africa’s economic transformation.
“Africa stands at a transformational crossroads, rich in resilience, creativity, and untapped potential,” Elumelu said. “With this whitepaper, UBA champions Africapitalism, empowering our private sector to drive sustainable growth that delivers prosperity and social wealth.”
Elumelu, who also chairs Heirs Holdings Group, said the new framework is designed to attract investors through innovation, inclusion, and transparency. He urged both local and foreign investors to collaborate in mobilising Africa’s untapped domestic wealth.
“To investors across Africa and the globe: join us in mobilising our $4 trillion domestic capital alongside strategic partnerships to bridge opportunities, de-risk investments, and build a self-determined future,” he said. “The era of action is upon us.”
UBA’s whitepaper also identifies key growth levers, trade facilitation, digital finance, climate-resilient infrastructure, and inclusive development. These, it argues, will determine Africa’s competitiveness in the next decade.
Oliver Alawuba, UBA’s Group Managing Director, said the document redefined the continent’s approach to financing growth.
“UBA, with our deep local knowledge and global reach, is uniquely positioned to unlock capital flows and foster collaborations that transform challenges into opportunities,” he said. “We call on financial leaders worldwide to partner with us in deploying agile solutions — from digital platforms to blended finance — that deliver resilient growth for millions.”
Analysts say UBA’s push reflects a broader trend among African lenders seeking to influence global development narratives. In recent years, institutions such as Afreximbank and the African Development Bank (AfDB) have made similar calls for Africa to fund more of its own growth through domestic resource mobilisation.
Africa’s financing gap for sustainable development is currently estimated at $200 billion annually, according to the United Nations Economic Commission for Africa (UNECA). Rising debt-service costs and limited access to global capital markets have intensified the need for homegrown financial strategies.
By promoting domestic capital integration, UBA’s whitepaper seeks to reframe how global investors perceive risk on the continent. The bank argues that increased local participation will improve creditworthiness, reduce dependency on external borrowing, and attract more long-term capital.
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For UBA, which operates in 20 African countries as well as in the UK, US, France, and the UAE, the whitepaper also represents a strategic play. The bank serves over 45 million customers and employs 25,000 people globally, giving it one of the deepest footprints in Africa’s financial ecosystem.
As Africa looks to close its infrastructure and capital gaps, UBA’s call to mobilise local wealth may influence how policymakers and private financiers approach growth financing.
