Banking
What is the Future of Private Banking in Africa?
Africa’s growth story may have been hampered by COVID-19, and whilst challenges remain, there are still investment opportunities and wealth creation taking place.
There are, at present, around 136,000 high net-worth individuals (HNWIs) living in Africa, with total private wealth held on the continent amounting to $2 trillion. Those numbers are expected to keep growing too. In fact, the number of HNWIs in Nigeria alone is expected to grow 40% over the next decade[1].
That means private banking in Africa, and in Nigeria, the continent’s biggest economy, will only become more important. Recent reports suggest that wealth in Africa is poised to grow at a stronger level than many other regions around the world.
But, as the number of people needing private banking services grows, these services will also have to adjust to their changing wants and needs. Among other things, that means helping clients with tangible investments diversifying away from their local markets, offering Discretionary Portfolio Management, and balancing traditional and digital banking services.
According to Amol Prabhu, Market Head: Africa at Barclays, families within these brackets, especially those with established wealth, are also looking for access to global networks and corridors, the ability to invest in other entrepreneurs on the continent and globally, and ways to ensure that their children can be educated overseas.
‘Not just private banking’
Prabhu notes that providing access to those global networks often means going above and beyond traditional private banking expertise.
By way of example, he says, “We’ve got a family based in Nigeria who are in the goods trading business. The entire family – parents, all three children and their spouses – bank with us. Their business is headquartered in Nigeria but extends across the corridor to Dubai and India, where it is managed by their extended family who happen also to bank with us. Having the ability to support these global families in every location as well as both individually and holistically is critical.”
“Also, as the client’s business grows, their needs change over time and we are well positioned through our Corporate and Investment Banking offering to provide this support. It’s the ability to provide clients with coverage that’s not just multi-location but also multi-business, multi-product and multi-generational that’s important,” he adds. “These types of clients have got complex, global needs, so that’s where real value can be added. Few banks provide this coverage and even fewer do it very well.”
According to Prabhu, another specific area that African clients look for help with is prime and super prime UK real estate.
“That can be people wanting to have a second home in London and spend more time there or wanting London properties as part of their investment portfolio,” he says. “And generally, because people are spending more time in these houses, they want bigger properties too.”
This attraction to the UK, he says, is overlaid by the fact that many clients expect that their children will live, work, or study in the UK at some point in their lives, as many of them have done.
The rush for direct assets
Another significant trend, Prabhu points out, is the growing demand for direct assets.
“What that means is that entrepreneurial families like to invest in other entrepreneurs,” he says. “It can be high-growth technology companies: fintech, medtech, agritech or ones focused on climate change and other issues.” The number of African tech start-ups receiving funding grew six times faster (46%) than the global average (8%), between 2015 and 2020[2], demonstrating the interest in this sector.
“These kinds of companies are typically looking for funding anywhere from $1 million to $200 million and we open it up to our ultra-high net-worth and global families within the Private Bank to give them the opportunity to invest.”
Crucially, these companies are all private, meaning that these investments are not open to the general, public market. By facilitating these investments, Barclays Private Bank not only helps their clients make more meaningful investments on the continent but also help grow the continent’s entrepreneurial ecosystem.
Classic portfolio management
While those trends will undoubtedly shape private banking in Africa for some time to come, Prabhu points out that there’s still significant value in classic asset and portfolio management. The key, however, is to have managers and methodologies that can thrive even during periods of global political and economic uncertainty.
“If you’re sitting in Lagos and you’ve got a portfolio in the UK or Switzerland, you are literally thousands of miles away from your hard-earned money,” he says. “You have got to have real trust in the institution, the portfolio team and their underlying methodology that your money is being managed properly.”
Talent development is crucial
In order to ensure that all those needs are fulfilled, however, the right level of talent is essential.
“A high-quality talent bench is vital,” says Prabhu. “And to service African private banking clients effectively, they should either be from Africa, have lived on the continent, or have a decade+ of Africa private banking experience. Having that deep experience and a high-quality service mentality is critically important to show and deliver value.”
Ultimately, he points out, you are helping people who are typically very good at what they do but may have very little banking and investment knowledge and / or time to look into these things.
“At the end of the day, our role is to help and guide clients to make the right kinds of decisions in the financial context,” he says. “And having the right talent and skills on-hand as well as a quality institution behind you is crucial to that.”
As the number of high net worth and ultra-high net worth individuals in Africa continues to grow, having the right partners with those skills and knowledge will only become more important.
[1] Source: Africa Wealth report
[2] Boston Consulting Group: Overcoming Africa’s Tech Startup Obstacles
By Aduragbemi Omiyale
Sterling Financial Holdings Company Plc has allotted shares from its public offer of 2025 to investors with valid applications.
The allotment follows the earlier receipt of final approval from the Central Bank of Nigeria (CBN) and the recent clearance by the Securities and Exchange Commission (SEC).
In September 2025, the financial institution offered for sale about 12,581,000,000 ordinary shares of 50 kobo each at N7.00 per share in public offer.
However, the exercise received wide participation from the investing public, with the company getting 18,280 applications for 16,839,524,401 ordinary shares valued at approximately N117.88 billion.
Following a thorough verification process, valid applications were received from 18,276 shareholders for a total of 13,812,239,000 ordinary shares, representing a subscription level of 109.79 per cent and reflecting sustained confidence in Sterling Holdco’s strategic direction, governance, and long-term growth prospects.
The firm approached the capital market for additional funds for the recapitalisation of its two flagship subsidiaries, Sterling Bank and The Alternative Bank.
The capital injection will support the commencement of full operations and contribute to the group’s revenue diversification objectives.
In line with the guidelines set out in the offer prospectus, Sterling Holdco confirmed that all valid applications will be allotted in full. Every investor who complied with the terms of the offer will receive all the shares for which they applied.
A very small number of applications were not processed or were partially rejected due to non-compliance with the offer terms, including duplicate payments and failure to meet the minimum subscription requirement of 1,000 units or its multiples, as stipulated in the offer documents.
The group ensures a seamless post-offer process, with refunds for excess or rejected applications, along with applicable interest, to be remitted via Real Time Gross Settlement or NIBSS Electronic Funds Transfer directly to the bank accounts detailed in the application forms.
Simultaneously, the electronic allotment of shares has be credited to successful shareholders’ accounts with the Central Securities Clearing System (CSCS) on February 17, and for applicants who do not currently have CSCS accounts, their allotted shares will be temporarily held in a registrar-managed pool account pending the submission of their completed account opening documentation to Pace Registrars Limited, after which the shares will be transferred to their personal CSCS accounts.
By Modupe Gbadeyanka
To drive inclusive growth, strengthen financial stability, and deepen global financial integration across developing economies, there must be coordinated reforms in digital cross-border payments.
This was the submission of the Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, at the G‑24 Technical Group Meetings in Abuja on Thursday, February 19, 2026.
According to him, high remittance costs, settlement delays, fragmented systems, and heavy compliance burdens still limit the participation of households and Micro, Small and Medium Enterprises (MSMEs) in global trade.
The central banker emphasised that efficient payment systems are essential for economic inclusion, highlighting that global remittance corridors still incur average costs above 6 per cent, with settlement delays of several days, excluding millions from modern economic activity.
Mr Cardoso cautioned that while digital payments present significant opportunities, they also carry risks such as currency substitution, weakened monetary transmission, increased FX volatility, capital-flow pressures, and regulatory fragmentation.
The G-24 TGM 2026, themed Mobilising finance for sustainable, inclusive, and job-rich transformation, convened global financial stakeholders to advance the modernisation of finance in support of emerging and developing economies.
The CBN chief reaffirmed Nigeria’s commitment to working with G-24 members, the IMF, the World Bank Group, and other partners to build a more inclusive, resilient, and development-oriented global financial architecture.
“We have strengthened our AML/CFT frameworks in line with FATF guidelines, requiring strict dual-screening of cross-border transactions to mitigate risks.
“To deepen regional integration, the CBN introduced simplified KYC/AML requirements for low-value cross-border transactions to encourage broader participation in PAPSS, easing processes for Nigerian SMEs and enabling faster intra-African trade payments.
“We have also embraced fintech innovation through our Regulatory Sandbox, allowing payment-focused fintechs to test secure, instant cross-border solutions under close CBN supervision,” he disclosed.
By Modupe Gbadeyanka
The merger and business combination between Unity Bank Plc and Providus Bank Limited remains firmly on course, a statement from one of the parties disclosed.
According to Unity Bank, there is no iota of truth in reports in certain sections of the media suggesting that the merger process had stalled, as the transaction remains firmly on track.
It was disclosed that the necessary regulatory steps have been completed, but only a few other steps to finalise the transaction, especially the final court sanction.
There had been speculations that both lenders may not meet the new minimum capital requirement of the Central Bank of Nigeria (CBN) before the March 31, 2026, deadline.
However, it was noted that the combined capital base of Unity Bank and Providus Bank exceeds N200 billion, which is the minimum requirement to retain a national banking licence under the CBN’s recapitalisation framework.
When completed, the Unity-Providus merger is expected to deliver a stronger, more competitive, and customer-centric financial institution — one with the scale, innovation, and reach to redefine the retail and SME banking landscape in Nigeria.
“The merger with Providus Bank significantly enhances our capital base, operational capacity, and strategic positioning.
“We are confident that the combined institution will be better equipped to support economic growth and deliver innovative financial solutions across Nigeria,” the chief executive of Unity Bank, Mr Ebenezer Kolawole, stated.
Recall that a few months ago, shareholders authorised the merger between the two entities at Court-Ordered Meetings. They also adopted the scheme of merger at their respective Extraordinary General Meetings (EGMs) in September 2025,
The central bank also backed the merger, with a pivotal financial accommodation to support the transaction. The merger also received a further boost with a “no objection” nod from the Securities and Exchange Commission (SEC).
The regulatory approvals form part of broader efforts to strengthen the resilience of Nigeria’s banking system, reinforce capital adequacy across the sector, and mitigate potential systemic risks.
The development positions the combined entity among the 21 banks that have satisfied the apex bank’s new capital threshold for national banking operations.
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