October 26, (THEWILL) — Africa’s Global Bank, United Bank for Africa (UBA) Plc recently launched the ground-braking Whitepaper initiative – a strategic project that has, again, shot the Tier-1 financial services institution into global limelight. By this strategic action step, the Group has blazed a trail for the financial services industry to fast-track the clay-footed implementation of the African Continental Free Trade Area (AfCFTA).
Among other imperatives, the Whitepaper initiative underscores the dual necessity of digital economy and financial inclusion growth at the time the continent is battling various existential challenges – bordering on low productivity, infrastructure deficit, insecurity, unhealthy political leadership, among others. UBA therefore struck the right note in seeking a harmonious symphony towards accelerating the AfCFTA project by driving the digital economy as a game-changer and achieving the desired level of financial inclusion.
“UBA is Nigeria’s master of banking. Its push to motivate existing customers and draw new ones into its fold will surely bolster the bank’s balance sheet, expand financial inclusion, increase profits and reward shareholders with handsome dividend payout. This will impact on its continental push for rapid economic development,” said Mukhtar Mukhtar, an investment analyst and chairman, Trusted Shareholders Association of Nigeria.
Digital Gains
Interestingly, the foremost financial services Group already enjoys a strong foundation in the take-off of the Whitepaper initiative.
For several years, UBA, the Tier-1 bank has maintained a distant lead in digital banking revenue among the nation’s deposit money banks — indicating its rapid expansion and highly improved service quality. UBA recorded N236.30 billion in e-banking revenue on a strong financial inclusion drive, according to its audited financial statement for the period ended December 31, 2024. This constitutes an 88.1 percent growth compared to the N125.5 billion posted in FY 2023.
A recent publication by the Centre for Financial Journalism (CFA), ‘100 Nigeria’s Top Companies’ placed UBA in the league of five topmost listed companies by three key criteria – Assets, Profit and Human Capital (employee). UBA is second in asset base – N30.32 trillion; third in profit with N766.57 billion, and fourth in human capital engagement – 9,316.
Anatomy of Whitepaper
UBA’s Group Chairman, Tony Elumelu who unveiled the Whitepaper at two important global events this year – 2025 United Nations General Assembly (UNGA) in September, and the World Bank and International Monetary Fund (IMF) Annual Meeting in October in Washington, was explicit about the objectives and raison detre of the initiative.
Elumelu noted that the whitepaper, a first-of-its-kind initiative titled ‘Banking on Africa’s Future: Unlocking Capital and Partnerships for Sustainable Growth’, highlights opportunities in trade, infrastructure, digital innovation, climate finance, and inclusive growth.
By providing a roadmap for collaboration between Africa and the global community, UBA aims to position the continent not just as a beneficiary of investment, but as a critical driver of future global prosperity.
Elumelu’s comment was emphatic. Over the past few years, UBA has become an active leader in conversations and activities that will drive tangible investments at a time Africa appears to be at a crossroads in driving the AfCFTA project. Most important is his remark that “These conversations are fundamentally different from previous discussions because they will be followed by feasible and actionable decisions. UBA will actively work to implement these outcomes for the benefit of the continent, as committed partners in Africa’s development and sustainability.”
The document will outline a strategic framework for accelerating Africa’s economic potential under several core pillars:
Trade facilitation — simplifying cross-border trade processes and reducing transaction costs.
Infrastructure development — identifying gaps in transport, power, and sanitation, and proposing models for blended finance and public-private partnerships.
Digital innovation — scaling fintech, digital payments, and technology platforms to boost financial inclusion.
Climate finance — integrating environmental sustainability into investment planning and funding green infrastructure.
Inclusive growth — ensuring underserved populations and regions are part of the economic gains, especially under the African Continental Free Trade Area (AfCFTA).
Broader pathway
Specifically, the Whitepaper will explore how Africa’s single market potential, estimated at US$3.4 trillion, can be unlocked through better domestic capital mobilisation and stronger international partnerships.
Africa faces a dual challenge: large infrastructure deficits (in power, logistics, connectivity) and barriers to efficient financial flows. Investors often cite high risk, weak regulatory frameworks, and uncertainty over returns as deterrents. UBA’s whitepaper aims to tackle these pain points by offering actionable strategies.
For example:
Infrastructure gaps force businesses to spend more on backup power, transport, logistics — which raise costs and reduce competitiveness.
Digital financial inclusion remains uneven, particularly in rural or remote regions — making trade and participation in formal finance harder.
AfCFTA offers a large market, but without supporting financial architecture (payment systems, cross-border FX mechanisms, regulation), the potential remains under-leveraged.
UBA is pulling this together from a position of strength. The bank operates in 20+ African countries and serves over 45 million customers globally. Trust in its brand, combined with its footprint, gives it potential influence when mobilising capital and partnering with governments, development agencies, and private investors.
Africa-centred philosophy
Elumelu has been consistent in championing Africa-centred development strategy devoid of aid-dependence, emphasising that sustainable development across the continent will only come from investment and shared prosperity, not dependency on foreign aid.
Elumelu’s position is anchored to the belief that Africa’s economic renaissance will come through entrepreneurship, capital formation, and private-sector leadership.
His Tony Elumelu Foundation (TEF) has disbursed more than $85 million in seed capital to over 18,000 young entrepreneurs across all 54 African countries, while training an additional 1.5 million through digital platforms.
This, he explained, is the model Africa needs: one that multiplies opportunity, builds resilience, and supports people to create value. “True empowerment is when people have the tools to build their own prosperity,” he said.
In practical terms, the shift from charity to partnership means more mutual accountability between African nations and their foreign counterparts — replacing short-term aid interventions with long-term investments that generate measurable outcomes such as jobs, innovation, and industrial capacity.
Old Model No Longer Works
Traditional aid frameworks, though well-intentioned, often trap economies in cycles of dependence. Projects funded by donor grants tend to focus on short-term relief rather than productivity gains. Furthermore, these models rarely promote local ownership or accountability.
Elumelu argues that the Africapitalism model, in which private investment drives both profit and social impact — better aligns with Africa’s development ambitions.
By prioritising business development, energy access, and digital infrastructure, the continent can lift millions out of poverty while reducing vulnerability to external shocks.
According to World Bank data, private investment now accounts for less than 20% of GDP in many sub-Saharan economies, compared with 35–40% in emerging Asian markets. Reversing that gap, analysts say, will require precisely the kind of “partner economics” that Elumelu advocates — where Africa’s development is powered internally but supported externally through equity, not aid.
If African nations and investors adopt this philosophy, several measurable outcomes could follow:
- Job Creation and SME Expansion – Access to catalytic funding for micro, small, and medium enterprises (MSMEs) will accelerate employment and stimulate local production across agriculture, fintech, manufacturing, and creative industries.
- Capital Market Deepening – Cross-border investment and stronger local exchanges will enhance liquidity, foster listings, and attract foreign portfolio investors seeking real economic value.
- Infrastructural Efficiency – Partnerships in power, transport, and broadband can unlock regional value chains and reduce operational costs for local industries.
- Resilience Against Shocks – By growing its own private sector, Africa reduces exposure to global commodity swings and donor volatility.
Implications for African Policymakers
For this shift to take root, governments must evolve from gatekeepers to enablers of enterprise. This means:
Creating predictable policies that attract long-term investors rather than speculative inflows.
Reforming the tax and regulatory environment to make credit and equity markets accessible to SMEs.
Strengthening institutions that promote rule of law and investor protection.
Building human capital through vocational training and digital literacy programs that prepare the youth for new markets.
These steps are critical if Africa hopes to capture the dividends of partnership-led growth — especially amid global reorientation toward sustainable.
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
