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
Nigerian tier-1 lender, First Bank, has announced the introduction of its Naira Visa Debit Card in partnership with the global payments giant to extend accessible, reliable electronic payment capabilities to a broader segment of the Nigerian population.
The card is targeted at everyday consumers who require a dependable payment instrument for routine domestic and international transactions. Accepted across POS terminals, ATMs, and online platforms through Visa’s payments network, the Naira Visa Debit Card is designed to reduce friction for customers transitioning from cash to electronic payments across retail, utilities, and digital commerce.
According to the bank, the partnership aligns with Nigeria’s ongoing drive toward a cashless economy, a policy direction that has gained significant momentum following successive Central Bank of Nigeria directives encouraging the adoption of electronic payment channels, adding that the card is intended to serve customers across the country’s diverse economic segments.
The Naira Visa Debit Card is available to all eligible FirstBank account holders through any of the bank’s branches nationwide.
Speaking on the launch, Mr Chuma Ezirim, Group Executive, eBusiness & Retail Products, FirstBank, said: “Everyday transactions should be simple, secure, and rewarding. The Naira Visa Debit Card is designed to make life easier for our customers, whether they are paying for groceries, settling utility bills, or shopping online.
“By extending reliable electronic payment access across Nigeria, we are helping more people transition confidently from cash to digital payments, supporting the nation’s cashless policy and empowering communities with greater financial inclusion.”
Commenting on the strategic importance of the partnership, Mr Andrew Uaboi, Vice President and Cluster Head, West Africa, Visa, noted: “A strong payments ecosystem works for everyone. The Naira Visa Debit Card extends reliable electronic payment access to everyday Nigerian consumers, and this in addition to the cards in our portfolio, continues to demonstrate what a truly comprehensive card portfolio looks like for the Nigerian market. Visa is proud to power this offering with FirstBank.”
The launch of the Naira Visa Debit Card broadens Visa’s card portfolio at FirstBank, which already includes products spanning credit cards and High-end premium lifestyle spending cards. The addition completes its offering across customer segments, ensuring that cardholders at every income level have access to a product suited to their needs.
By Adedapo Adesanya
The Central Bank of Nigeria (CBN) has unveiled the fourth edition of its Foreign Exchange Manual as part of efforts to deepen liquidity, improve transparency and strengthen confidence in the country’s foreign exchange market.
Speaking at the launch of the revised manual in Abuja on Friday, the Governor of the apex bank, Mr Yemi Cardoso, said the document will take effect from June 1, 2026.
He said it was developed after extensive consultations with banks, exporters, importers, corporates, regulators and development partners.
He said the new framework reflects the apex bank’s commitment to modernising the country’s foreign exchange administration in line with international best practices.
Mr Cardoso described the foreign exchange market as a critical pillar of any open economy, noting that effective governance of the sector is essential for sustaining macroeconomic stability and investor confidence.
“Foreign exchange is more than a financial instrument. It anchors price stability, facilitates the flow of goods and capital, and shapes investor sentiment,” he said.
The CBN governor stressed that the revised manual became necessary due to changing global economic realities, domestic reforms and the need for a more coherent and forward-looking regulatory framework.
According to him, the last edition of the FX manual was issued in 2018, making the latest review both timely and necessary.
Mr Cardoso disclosed that Nigeria’s foreign exchange market has witnessed significant improvement in liquidity since the current administration began reforms in the sector.
He added that daily turnover in the FX market increased from an average of about $100 million in the early days of the administration to between $400 million and $600 million daily.
The CBN Governor added that the market had also recorded transactions of up to $1 billion per day on several occasions in recent months.
“We have gone from a situation where it was more or less a one-way market, where the central bank came in, intervened and went away, to a much more dynamic market,” he stated.
The apex bank boss noted that the reforms were gradually restoring confidence among investors and market participants, encouraging freer entry and exit in the market without unnecessary restrictions.
He also maintained that the nation’s foreign reserves should not be used as the primary tool for funding the foreign exchange market.
“Reserves are reserves. They are not what you look to fund a market,” he said.
The CBN Governor assured stakeholders that the revised manual would be distributed free of charge to authorised dealers while the bank strengthens monitoring mechanisms to ensure compliance, fairness and accountability across the foreign exchange market.
On his part, the Deputy Governor for Economic Policy, Mr Muhammad Abdullahi, said the review formed part of broader reforms initiated by Mr Cardoso to restore confidence, improve transparency and deepen liquidity in the foreign exchange market.
Mr Abdullahi explained that the revised manual introduces several changes aimed at improving ease of doing business and reducing transaction bottlenecks.
Among the notable changes, he noted, are provisions allowing unfettered access to export proceeds, the introduction of non-resident investment accounts and operational guidelines for Pan-African Payment and Settlement System (PAPSS) transactions to support regional trade.
Mr Abdullahi added that the manual also contains new provisions on service exports, revised documentation requirements and updated operational procedures designed to align Nigeria’s FX market with global standards.
He said the apex bank deliberately adopted an ease of doing business approach during the review process to eliminate inefficiencies and ambiguities identified by stakeholders.
“The revised manual is not a stand-alone exercise but part of a broader institutional reform effort designed to strengthen the integrity, credibility and effectiveness of Nigeria’s foreign exchange system,” he said.
By Aduragbemi Omiyale
The Central Bank of Nigeria (CBN) has approved the appointment of Mr Julius Omodayo-Owotuga to the board of First Bank of Nigeria Limited as an executive director.
A statement from the company said the appointment of Mr Omodayo-Owotuga became effective on Wednesday, May 13, 2026.
He was appointed to the board of the subsidiary of First Holdco Plc to further strengthen its leadership capacity across strategic finance, governance, risk management, and institutional transformation.
Before now, he served on the board of First Holdco as a non-executive director between 2021 and 2026.
The appointee brings to the board 24 years of experience spanning banking and financial services, infrastructure finance, power, oil & gas, and audit and consulting.
His appointment, according to the notice to the Nigerian Exchange (NGX) Limited, reflects the Bank’s continued commitment to strong governance, disciplined execution, financial resilience, and sustainable long-term growth.
He most recently served as deputy chief executive of Geregu Power Plc, Nigeria’s first listed power generation company, where he played a pivotal role in institutional transformation, governance strengthening, capital market positioning, operational optimisation, and major financing initiatives, including the company’s landmark listing on NGX.
Mr Omodayo-Owotuga previously served as group executive director, Finance & Risk Management at Forte Oil Plc (now Ardova Plc), where he was instrumental in the company’s financial and operational transformation, leading strategic restructuring, capital raising, treasury optimisation, enterprise risk management, and governance improvement initiatives that strengthened long-term shareholder value.
His professional career also includes roles at Africa Finance Corporation, Standard Chartered Bank, KPMG Professional Services and MBC International Bank (Now First Bank Nigeria Limited), providing him with deep experience in institutional finance, treasury management, financial controls, regulatory engagement, and corporate advisory.
Mr Omodayo-Owotuga is a CFA Charter Holder, KPMG-trained Accountant, and a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN), the Chartered Institute of Taxation of Nigeria (CITN), and the Institute of Credit Administration. He is also a member of the Institute of Directors (IoD) Nigeria and a Certified Management Accountant.
He holds a Doctorate in Business Administration, a Master’s in Business Administration and a Bachelor’s degree in Accounting. He is an alumnus of Saïd Business School, University of Oxford, IE Business School, Geneva Business School, and the University of Lagos.
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