Access Bank, Aig-Imoukhuede Foundation join forces with $300m commitment for Africa’s economic transformation

Business a.m.

The Aig-Imoukhuede Foundation and Access Bank Group have jointly pledged $300 million over the next 20 years to support African government initiatives with a proven potential to transform national economic performance.

A statement made available to Business a.m. made known that the Aig-Imoukhuede Foundation has committed $100 million, while Access Bank has pledged $200 million, demonstrating the shared dedication of both organisations to fostering economic growth and stability in Africa.

The joint commitment of $300 million by Access Bank Group and Aig-Imoukhuede Foundation to fund transformative economic initiatives was announced at the Africa CEO Forum 2024 in Kigali, Rwanda, themed ‘‘At the table or on the menu?’’.  At the event, CEOs from across the continent joined to discuss how Africa can demand a seat at the global table, rather than continuing to wait to be invited.

The $300 million pledge made by the Aig-Imoukhuede Foundation and Access Bank Group is expected to facilitate the establishment of an African-led Super NGO, which will collaborate with governments, academics, experts, and philanthropists worldwide to implement game-changing government reform programmes, particularly in the area of digital public infrastructure.

The development comes at a time when Ajay Banga, President of the World Bank, has warned wealthy countries that it would be short-sighted to ignore Africa, a testament to the fact that this landmark Africa-led initiative could not have been better timed.

Aigboje Aig-Imoukhuede, chairman of Access Holdings and co-founder of the Aig-Imoukhuede Foundation, discussed the importance of African-led solutions in addressing the continent’s challenges.

“We African leaders cannot sit back and watch the 4th Industrial Revolution transform the rest of the world while leaving Africa falling further behind. We have to create our own ‘table’ by using technology to unlock the power of our youth, giving Africa a greater voice in the world. It’s today’s leaders who will determine whether or not we grab this opportunity,” Aig-Imoukhuede stated.

Digital public infrastructure holds immense potential as a cost-effective solution for developing nations seeking to transcend their current status quo. By providing citizens with access to the same public goods and services enjoyed by advanced nations, digital public infrastructure fosters equality and opportunity.

India Stack stands as a remarkable example of the transformative power that arises from innovative collaborations between visionary public and private sector leaders. Inspired by this success, the Access Bank and Aig-Imoukhuede Foundation’s NGO aims to facilitate similar partnerships in Africa, driving measurable improvements in the lives of citizens across the continent.