Tony Elumelu’s Visit To Kenya And What It Means For Africa

When Tony Elumelu, Chairman of the United Bank for Africa (UBA) Group, touched down in Nairobi last week, it was more than a courtesy visit. It was a statement of intent. His meeting with President William Ruto marked a defining moment in Africa’s journey toward financing its own development, one where Kenya is emerging as a continental leader.

At the heart of the conversation was Kenya’s ambitious USD 1 billion Road Infrastructure Securitization Programme, a pioneering financing model that seeks to unlock long-term capital for the country’s most critical road projects. UBA didn’t just endorse the programme; it backed it with a bold USD 150 million commitment, one of the largest single investments by the bank in Kenya’s infrastructure to date.

This commitment underscores a clear message: Africa’s development will increasingly be financed by African institutions that understand the continent’s needs and believe in its potential.

The Road Network

In East Africa, roads are much more than tarmac and markings; they are the arteries through which commerce flows. Good roads are the difference between a journey that supports trade and one that stifles it. They determine whether fresh produce reaches markets, whether manufacturers can compete, and whether regional integration becomes a lived reality instead of a policy aspiration.

From the Mombasa Port corridor that fuels Kenya’s regional logistics to the border arteries feeding Uganda, Rwanda, Burundi, and South Sudan, better roads mean faster movement of goods, lower transport costs, increased competitiveness, and greater mobility for millions.

Infrastructure is not an accessory to growth; it is the engine.

UBA’s backing of Kenya’s securitization framework signals confidence not only in local infrastructure but in Kenya’s broader long-term economic blueprint. It complements the government’s shift toward innovative, sustainable financing structures that do not overload public debt while attracting private capital.

A New Whitepaper Redefines Africa’s Development Narrative

Tony Elumelu’s visit coincided with the launch of UBA’s powerful new white paper, “Banking on Africa: Unlocking Capital and Partnerships for Sustainable Growth.” It is arguably one of the boldest calls yet for a fundamental shift in how Africa funds its future.

The white paper reveals a transformative truth: Africa holds an estimated USD 4 trillion in domestic financial assets, yet less than 15% is directed toward productive infrastructure. This is not a scarcity problem. It is a coordination problem.

The report argues that Africa must move from aid dependency toward an investment-centered paradigm, one rooted in African-led solutions, blended capital models, and long-term institutional financing.

Infrastructure as the Bedrock of Economic Integration

The white paper illustrates how domestic pension funds, sovereign wealth funds, and insurance pools can shape Africa’s next development chapter. It highlights successful models such as:

• InfraCredit Nigeria which has unlocked over $278 million in infrastructure bonds tailored to pension investors.
• KEPFIC in Kenya, which pooled 24 pension schemes to raise $113 million—with a 157% oversubscription—to invest in local infrastructure.
• Ghana’s GIIF, leveraging $325 million in equity for a $3.6 billion portfolio.

These examples show that African capital—long-term, stable, and local—is uniquely suited to finance the infrastructure that will anchor regional competitiveness.

AfCFTA and PAPSS: Connecting Markets, Empowering SMEs

UBA positions the African Continental Free Trade Area (AfCFTA) as the “architectural blueprint for integration,” unlocking opportunities for industrialization, supply-chain reconfiguration, and SME growth.

The bank projects intra-African trade to hit $220 billion in 2025, driven by improved connectivity and digital payments.

A cornerstone here is the Pan-African Payment and Settlement System (PAPSS), which enables instant cross-border payments in local currencies—saving Africa $5 billion annually in transaction costs. PAPSS is set to turbocharge trade velocity, strengthen local economies, and enhance financial inclusion.

What This Means for Kenya, and the Continent

Tony Elumelu’s visit and UBA’s $150 million investment are emblematic of a deeper shift: Africa financing African growth.

For Kenya, the implications are profound:

• New roads will unlock rural-urban connectivity.
• Businesses will move goods faster and cheaply.
• Regional trade will accelerate under AfCFTA.
• Pension funds and banks will become engines of national development.
• Global partners will be drawn into African-led financing structures.

For Africa, it signals a future where domestic capital mobilization replaces dependency, where innovation replaces traditional aid models, and where institutions like UBA serve as bridges between African ambition and global finance.

By unlocking just a fraction of its own resources, Africa can build the roads, power grids, and digital highways that will define its prosperity for generations.

Read Also: Tony Elumelu Meets President Ruto to Deepen UBA’s Investment in Kenya’s Infrastructure and Energy Sectors