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Akinwunmi Adesina (left) and Theresa Henshaw (right)
The President of the African Development Bank (AfDB), Akinwunmi Adesina has emphasized the need for more meaningful collaborations aimed at driving global expansion on the African continent.
Adesina, who said this when he paid a courtesy visited to the United Bank for Africa (UBA) UK office on Wednesday, noted that strong partnerships and strategic financial collaborations such as it exists between AfDB and UBA are important towards advancing Africa’s economic growth.
Speaking, the AfDB President commended UBA Group for its steadfast dedication to facilitating development and progress on the continent, as he explained that as Africa’s Global Bank, UBA plays a critical role in bridging global capital with African opportunities, ensuring that Africa’s financial systems remain resilient and competitive.
He said, “First and foremost, your Group Chairman, Tony Elumelu is a very good friend, someone I’ve known for many, many years. He’s a truly distinguished African who knows how to deploy capital and elevate the quality of the bank, embodying global work ethic, institutional development, and well-minded institutions.
Continuing, he said, “Our relationship with UBA dates back over 20 years. We began with a $30 million line of credit in 2000, increasing to $200 million between 2007 and 2009. By 2016, we provided $150 million for trade finance, and recently, our board approved $175 million for UBA, comprising $100 million in senior debt, $50 million for trade finance, and $25 million for risk participation agreements.”
The deliberations also touched on key areas of future collaboration, including agriculture, energy, women’s empowerment, and youth entrepreneurship. The AfDB President highlighted the Affirmative Finance Action for Women in Africa (AFAWA), a $5 billion facility supporting women-led businesses, and reiterated the importance of youth-based wealth creation, adding that “We must empower young people with revolutionary ideas by providing them with the capital they need to scale their businesses,” he said.
Adesina also lauded UBA’s innovative approach to digital banking and financial inclusion. “With a digital customer base of over 32 to 34 million users, UBA is a Pan-African leader in banking. The bank’s efforts in de-risking investments and expanding access to finance are crucial for Africa’s progress.
Speaking earlier, while welcoming the AfDB delegation, CEO of UBA UK, Theresa Henshaw highlighted the bank’s extensive international reach. “Beyond Africa, UBA has a strong international presence, operating in four locations outside the continent, including the UK, where we are the only African bank of our scale. Our core focus is to facilitate trade and investment flows into Africa, leveraging our deep understanding of the African financial landscape,” she stated.
She further reiterated UBA’s critical role in correspondent banking services, particularly following the exit of some global banks from Africa.
“UBA remains the only African bank offering correspondent banking services, ensuring African businesses have access to global financial networks,” Henshaw added.
About UBA UK
UBA UK is a wholly owned subsidiary of United Bank for Africa Plc, authorized by the Prudential Regulation Authority (”PRA”) and regulated by the Financial Conduct Authority and the PRA. Leveraging the UBA Group footprint, UBA UK is firmly positioned to facilitate trade, capital and aid flows between the international and African markets. UBA UK specializes in supporting financial institutions, corporates, governments and global institutions looking for an international banking partner who understands Africa.
UBA PLC
United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees group wide and serving over 45 million customers globally.
Operating in twenty African countries and the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology.
