Chairman of Access Holdings Plc, Aigboje Aig-Imoukhuede, has warned that Africa's economic growth will remain limited unless its banks move beyond profitability and financial stability to finance businesses, infrastructure and job creation.
He also called for globally competitive African banks, easier access to credit and deeper financial integration before the continent pursues a common currency.
Speaking at the closing session of the Africa Financial Summit (AFIS) 2026 in Luanda, Angola, Aig-Imoukhuede said Africa could no longer afford a financial system in which banks remain profitable while businesses struggle for funding and millions face limited economic opportunities.
"A banking system can be well, can be as safe as you want it to be, it can be profitable, but then it can still serve an economy that is very underperforming," he said.
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Addressing the summit's theme, Making Capital Count: Unlocking Growth Through African Finance, he urged governments, central banks and financial institutions to measure their success by their contribution to economic development and improved living standards.
He identified poor access to working capital as a major obstacle facing small businesses, noting that many struggle to obtain financing even when supplying goods and services to financially strong companies.
"When an SME supplies goods to a creditworthy buyer, that SME should be able to attract capital and financing at the same cost of the credit rating of that buyer immediately," he said.
Citing India and Brazil, he urged African banks and regulators to adopt digital invoicing systems that would improve business financing and support economic expansion.
Aig-Imoukhuede also called for greater investment of pension funds and domestic savings in infrastructure, warning against using short-term bank deposits to finance long-term projects.
"We can't use bank deposits, which can be withdrawn tomorrow, to finance long-term projects which require 20-year money," he said.
He cited the Dangote Refinery as an example of large-scale investment opportunities and warned that excessive government borrowing could limit private-sector access to finance.
Turning to the banking industry, he said the withdrawal of some international banks from Africa had created opportunities for indigenous institutions but warned that African ownership alone would not guarantee progress.
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