News Default Development Commercial Banking: A Catalyst for Africa's Progress
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Development Commercial Banking: A Catalyst for Africa's Progress

By Kenneth Amaeshi

Published on March 19, 2024

Introduction

Professor Benedict Oramah, President of Afreximbank, has recently articulated a concept that could reshape Africa's financial landscape: Development Commercial Banking. This innovative approach combines elements of investment banking and commercial banking to achieve three critical outcomes: positive socioeconomic impact, solid financial returns, and goodwill for the bank.

Background

For years, I've delved into the role of business, particularly banking, in Africa. Corporate Social Responsibility (CSR) has been a focal point, but it extends beyond mere philanthropy. Businesses, both large and small, exert significant influence on society and the environment. In developing countries, where regulatory gaps exist, businesses can sometimes operate unchecked. Here, the government needs support.

Africapitalism: A Game-Changer

Enter Africapitalism, a term coined by Tony Elumelu. It reframes the private sector's role in Africa's development. Africapitalism recognizes Africa as more than a market; it's a place with deep cultural significance. By aligning business interests with societal well-being, Africapitalism offers a fresh perspective.

Development Commercial Banking

Professor Oramah's vision for Development Commercial Banking is compelling. It bridges investment banking and commercial banking, emphasizing positive impact and financial sustainability. As President of Afreximbank, his endorsement carries weight.

Education and Africapitalism

While reforming commercial banking is crucial, embedding Africapitalism in education is equally vital. Our educational system should nurture Africapitalist values, fostering a generation of socially conscious entrepreneurs.

Conclusion

Development Commercial Banking, guided by Africapitalism, can be a catalyst for Africa's progress. Let's champion this transformative vision and build a more inclusive and prosperous continent.

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