Susan Abayomi
United Bank for Africa (UBA) Plc has called for greater efforts to transform Africa’s vast economic opportunities into commercially viable projects capable of attracting sustainable investment.
The bank’s Group Managing Director and Chief Executive Officer, Oliver Alawuba, made the call while speaking at the Forward Africa Leaders Symposium in New York, held as part of activities around the United Nations General Assembly.
Speaking during a fireside chat themed “From Mandate to Impact,” Alawuba said Africa’s development ambitions could only produce meaningful results when they were supported by proper planning, strong institutions and adequate capital.
He stressed the importance of developing projects with dependable revenue streams and clear structures that would give investors confidence while ensuring that commitments made by institutions could be effectively delivered.
Alawuba highlighted UBA’s experience across Africa, noting that the bank has supported projects in sectors including telecommunications, energy, roads and digital services by connecting African businesses and governments with financing, expertise and financial infrastructure.
He cited a $6.56 million telecommunications modernisation project in Chad as an example of how a clearly defined development need could progress from financing to completion and repayment when appropriate structures and accountability mechanisms were put in place.
According to him, UBA financed the project, which was initiated in 2021 and completed in 2025, with the loan subsequently fully repaid.
The UBA chief also referenced a $45 million loan facility provided to Oak Asset SPV for road construction in Kenya. He said the bank’s involvement extended beyond project financing to include government collections and contractor facilities supporting the wider delivery chain.
Alawuba further highlighted the role of digital finance in expanding economic opportunities across African markets.
He said UBA’s digital banking platform, Leo, currently serves more than six million users across 20 African countries and processes over 16 million transactions annually.
The platform supports English, French, Portuguese and Swahili, a feature Alawuba said helps address language barriers and facilitate financial services across different African markets.
He added that UBA’s financing activities in countries including Burkina Faso, the Democratic Republic of Congo, Ghana, Tanzania and Liberia demonstrate the different ways commercial banks can support development through direct lending, syndicated financing, guarantees and other financial services.
Alawuba said the experience reinforced the importance of having African financial institutions with a strong understanding of local markets while maintaining international connections capable of mobilising capital for cross-border investments.
He reiterated UBA’s commitment to supporting African businesses and strengthening partnerships that can help translate the continent’s economic potential into sustainable development.
