CENTRAL AFRICAN REPUBLIC : Toward the Establishment of a UBA Group Branch in Bangui

(LVDE) – On the sidelines of the African Caucus, Central African President Faustin Archange Touadéra met with Tony Elumelu, Chairman of United Bank for Africa (UBA), who expressed his intention to open a subsidiary in the Central African Republic to support SMEs and young entrepreneurs.

On August 1, 2025, the Central African Republic took another step toward economic development. During the African Caucus held in Bangui, President Faustin Archange Touadéra welcomed Tony Elumelu, an influential Nigerian businessman and Chairman of United Bank for Africa (UBA). The discussions led to promising prospects for establishing a branch of the bank in the CAR — a project that could transform access to financing for small and medium-sized enterprises (SMEs) as well as young entrepreneurs.

According to Central African authorities, Tony Elumelu expressed a strong commitment to the country’s economic development. He stated his desire to facilitate access to funding for local projects, especially those led by young people. “Invited by the Head of State, Elumelu — who is committed to financing 20,000 projects in Africa — showed great enthusiasm for collaborating in the economic development of the CAR,” reported officials.

If the project materializes, the CAR would become the 21st African country to host a UBA branch. President Touadéra highlighted the importance of this initiative, which could have a significant impact on the SME sector and local entrepreneurship. Access to suitable financing remains one of the main obstacles to the growth of small businesses in the country.

The African Caucus, which brings together finance ministers and central bank governors, offers the CAR a platform to advocate for its economic priorities. This edition, hosted in the capital, represents a unique opportunity for the country to strengthen ties with private partners and make its voice heard on crucial issues such as the energy transition and development financing.

Discussions also touched on the programs of the Tony Elumelu Foundation, which supports young entrepreneurs by providing training and non-refundable grants of up to US$5,000 for viable projects. To date, over 25,600 young Africans have benefited from the program. President Touadéra has been invited to attend the next annual African Entrepreneurs Forum — a platform bringing together key players from across the continent, where he will be able to share his vision for youth empowerment.

Tony Elumelu also announced his intention to advocate for the CAR during the forthcoming donor meeting in New York on the sidelines of the United Nations Summit. This move was welcomed by authorities, who see it as an opportunity to garner greater support for the National Development Plan (PND-RCA) for 2024–2028. With a projected budget of 7,040 billion FCFA, this ambitious program aims to transform the national economy by focusing on five strategic pillars.

Through the PND, the CAR seeks not only to strengthen infrastructure and develop human capital, but also to protect the environment and improve governance. The goal is to accelerate economic growth and reduce poverty while contributing to the Sustainable Development Goals (SDGs) by 2030 and the African Union’s Agenda 2063.

To make these ambitions a reality, the government has prepared a priority action plan that lists concrete projects to be presented to investors. This meeting between President Touadéra and Tony Elumelu reflects a shared determination to build a resilient CAR, open to investment and strongly focused on the future of its youth.

Esther Grace