A High-Level Visit to Brazzaville
Brazzaville’s green-roofed Presidential Palace hosted a rare Sunday audience this week as the Chairman of United Bank for Africa continued his continental tour. The Nigerian entrepreneur was welcomed by President Denis Sassou-Nguesso for what both sides called a strategic conversation.
He thanked the Head of State for what he described as an “exceptionally warm welcome” and for years of regulatory stability that have helped UBA Congo nearly triple its balance sheet since 2018. In return, he offered the full might of the bank’s African network present in 20 countries.
Photographs released by the Presidency showed the two men exchanging documents under the national flag, highlighting what was later termed “our shared ambition to create prosperity here, at home.” Government advisors present indicated the tone was forward-looking and pragmatic.
Energy Ambition and Regional Links
President Sassou-Nguesso reiterated his government’s goal of universal electricity access by 2030 and highlighted a memorandum signed in Dar es Salaam on regional energy corridors as proof of ongoing momentum. He asked UBA to deploy its project finance desk for future gas-to-power projects.
“Congo is blessed with hydrocarbons and sunshine; the challenge is to turn them into kilowatts for our citizens,” the President stated. The reply was that UBA “is ready to mobilize capital and expertise” for similar projects along the Congo River.
Officials familiar with the discussions indicated options include a dedicated facility to co-finance distribution grids in the rural departments of Plateaux and Cuvette, complementing state-driven grid extensions. No figures were disclosed, but sources at the Ministry of Economy called the conversation “encouraging in its specificity.”
Focus on Infrastructure and Revenue
Beyond electricity, Brazzaville seeks new capital for roads, fiber-optic links, and the modernization of Pointe-Noire port. A promise was made to establish a transaction banking unit within UBA Congo to streamline customs payments and public sector revenue—a measure Treasury officials believe could boost non-oil income.
The Chairman also proposed a new UBA headquarters near the capital’s future business district, offering land on the Oyo Highway. The offer was accepted, confirming the building would serve as UBA’s hub for Central Africa and mentioning eco-friendly design features to showcase a “climate-smart bank.”
Analysts note that a physical headquarters often precedes a lending ramp-up. Congolese chambers of commerce expect a similar effect for local SMEs competing for public contracts.
The Foundation’s Entrepreneurial Pipeline
The meeting devoted considerable time to youth entrepreneurship, a shared priority for both leaders amid urban district unemployment pressures. The foundation’s program was highlighted, having already funded 104 Congolese start-ups with non-refundable seed capital of $5,000 each.
Graduates of the 12-week online training include a Brazzaville agritech platform offering solar-powered cold rooms and a Pointe-Noire business recycling plastic into paving stones. “They are writing Congo’s next chapter,” it was stated, with a promise to double the annual cohort starting in 2025.
Government sources confirmed discussions on aligning the foundation’s program with the national digital strategy to maximize impact. The Ministry of Small and Medium Enterprises is exploring co-branded bootcamps in Dolisie and Nkayi to reach entrepreneurs outside the two main cities.
What an Enhanced Presence Means for Central Africa
UBA’s move is seen by regional observers as part of a broader pivot towards Central Africa’s underbanked markets. With Cameroon, Gabon, and the Central African Republic already in its portfolio, a strengthened Congolese hub could improve cross-border trade settlement within the CEMAC zone.
One economist argues deeper financial intermediation is crucial for the region’s post-oil transition. “Local banks alone cannot finance the scale of infrastructure envisioned. Pan-African lenders like UBA bring syndication capabilities and technology,” he contended.
For the Congolese government, the visit provided public validation of its reforms, including recent customs digitization and business registration facilitation measures. “A credible partner like UBA signals our policies are bankable,” a senior official said.
The delegation left Brazzaville for Luanda with a promise to return in early 2024 for a groundbreaking ceremony for the new headquarters. As UBA’s red and white logo becomes more visible along the Congo River, both sides assert the real test will be seeing power poles light up villages and young founders create jobs.