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 Adedapo Adesanya
The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, says Nigeria anticipates remittances from citizens living abroad to increase by two-thirds in 2026 as it seeks to bolster its foreign-exchange reserves to $1 billion monthly.
“We are expecting that by the end of the year, we will hit about a billion Dollars a month from diaspora remittances,” he said at the 14th Annual BusinessDay CEO Forum in Lagos on Thursday, themed From Stability to Shared Prosperity.
Mr Cardoso said remittances are expected to be boosted from more than $600 million currently, banking on the CBN’s deliberate target at remittances to diversify reserve sources beyond oil earnings.
According to him, the apex bank engaged Nigerians abroad, banks and international partners to identify barriers to official remittance flows.
He said the lender subsequently reviewed policies to ensure easier movement of funds into and out of the country.
Mr Cardoso described the approach as providing free entry and free exit for foreign exchange.
He said the reforms helped double diaspora inflows within one year and exceeded initial expectations, also projecting annual remittances could reach about $8 billion if the current momentum was sustained, adding that the development reflected growing confidence in Nigeria’s financial system and foreign exchange market.
Mr Cardoso said reforms introduced by the apex bank had restored stability in the foreign exchange market and improved investors’ confidence.
He identified exchange rate unification as one of the central bank’s major achievements under the reforms programme.
According to him, replacing multiple exchange rate windows with a market-driven system eliminated distortions and improved transparency.
Mr Cardoso said improved foreign exchange liquidity and stronger reserves were among the gains from the reforms.
He said Nigeria’s net external reserves had risen from about $3 billion at the start of the reforms to above $40 billion currently, noting that gross external reserves had grown to about $52 billion, representing about 10 months of import cover.
According to him, the reserves are designed to shield the economy from external shocks and excessive market volatility.
He said the reserves were not meant for routine interventions or day-to-day exchange rate management.
By Modupe Gbadeyanka
The flagship banking subsidiary of Guaranty Trust Holding Company (GTCO) Plc, Guaranty Trust Bank (GTBank) Limited, has been announced as the winner of Nigeria’s Best Digital Bank award at the Euromoney Awards for Excellence 2026.
The lender clinched this accolade at the Euromoney Awards for Excellence 2026 ceremony, held on July 17, 2026, at The Peninsula London, England, for its outstanding performance, innovation, customer service, and leadership.
GTBank’s recognition as Nigeria’s Best Digital Bank reflects its continued leadership in digital innovation and its commitment to delivering seamless, secure, and customer-centric financial solutions.
As the banking franchise of GTCO, GTBank has consistently set industry benchmarks in digital transformation, pioneering solutions that have redefined how individuals and businesses access, manage, and experience financial services.
Over the years, GTBank has transformed the banking experience through a suite of innovative digital platforms, including the GTWORLD mobile app and solutions that provide millions of customers with seamless, secure, and convenient access to financial services.
The bank continues to strengthen its digital capabilities by introducing products and services that meet evolving customer needs while maintaining the highest standards of security, reliability, and service excellence.
This latest recognition underscores the company’s position as a market leader and reflects its sustained investment in technology, operational excellence, and innovation.
“This recognition is a testament to the legacy upon which GTBank was built and the vision that continues to guide us today.
“From inception, our goal has been to deliver on the Group’s vision to make end-to-end financial services accessible to everyone by leveraging technology to remove barriers, simplify experiences, and create meaningful value for our customers,” the chief executive of GTBank, Mrs Miriam Olusanya, stated.
“While we are honoured by this recognition, we see it as an acknowledgement of what we have achieved and a motivation to do even more.
“We remain focused on raising the bar for digital banking, investing in innovative solutions, and delivering exceptional experiences that create lasting value for our customers.
“As the financial services landscape continues to evolve, we will continue to innovate, adapt, and lead with the same commitment to excellence that has defined our franchise for decades,” she added.
The Euromoney Awards for Excellence 2026 convened leading financial institutions, industry executives, and policymakers from across the globe to celebrate excellence, innovation, and leadership in the financial services sector.
By Aduragbemi Omiyale
A collaboration to enable fast money transfers into Nigeria has been entered into between Flutterwave and Xoom, PayPal’s international digital money transfer service.
The partnership allows Xoom transfers to be converted by Flutterwave and settled locally in Naira, enabling quick transfers directly into recipients’ bank accounts at Access Bank, UBA, Zenith Bank, First Bank, GTBank, and additional participating banks across Nigeria.
The deal also enables Xoom’s global network with Flutterwave’s local payout infrastructure, allowing users globally to send funds directly into Nigerian bank accounts with improved speed and efficiency.
Nigeria is the leading remittance recipient in Sub-Saharan Africa, receiving over $20 billion in personal remittances in 2024. Despite this volume, receiving international payments has historically remained complex due to FX constraints and settlement delays. This collaboration helps address those challenges in a market of more than 232 million people, where the ICT sector is projected to contribute 21 per cent of GDP by 2027.
By combining Xoom’s expansive reach with Flutterwave’s local compliance and banking partnerships, the two companies are providing a more accessible financial corridor for the continent.
Xoom, a PayPal service, is a fast and secure international digital money transfer service that enables consumers to send money, pay bills, and reload phones for friends and family in approximately 160 markets globally.
As part of PayPal’s global payments ecosystem, Xoom leverages advanced fraud protection, compliance capabilities, and a trusted global network to help millions of customers move money quickly and securely across borders.
“We’re excited to have been chosen by Xoom for their Nigeria expansion. Millions of Nigerians rely on money from abroad to support everyday needs, whether it’s families receiving help from loved ones, freelancers getting paid for their work, or individuals earning income from the global economy. This helps make it easy and more reliable for people in Nigeria to receive funds and stay connected to opportunities beyond borders,” the chief executive of Flutterwave, Mr Olugbenga GB Agboola, stated.
