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The rise of the mass affluent in Africa and how banks can best respond to their needs (By Margaret Soi)

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2 years ago

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Africa

The continent’s middle class is expected to spend US$2.1 trillion by 2025 and US$2.5 trillion by 2030, thus creating a further upward momentum in the demand for goods and services

Financial planning is of critical importance for this segment that also shows a keen response to incentives to bring about a holistic relationship

PORT LOUIS, Mauritius, December 13, 2023/APO Group/ — 

By Margaret Soi, Head of Offshore Banking – Mass Affluent Offshore

The purchasing power of Africa’s middle class is expected to grow significantly in the coming years: the continent’s middle class is expected to spend US$2.1 trillion by 2025 and US$2.5 trillion by 2030, thus creating a further upward momentum in the demand for goods and services.

In sub-Saharan Africa alone (excluding South Africa), a 2018 estimate reported over 100 million middle-class individuals with a total purchasing power of over US$400 million per day – with financial services, especially around wealth management and investments, expected to receive a boost from the massive growth in disposable incomes.

Surprisingly then, Capgemini’s 2022 wealth management executive survey found that only 27% of wealth management firms currently serve mass affluent clients, and only 36% firms are even exploring mass affluent services. No wonder then that banks believe that the mass affluent segment, representing those with investable assets more than US$50,000   and less than US$5m in wealth, is both undervalued, underinvested and underserved.

What does a typical mass affluent customer look like?

At the outset, it is important to note that this segment is financially and digitally savvy, is fee-sensitive, and likes to shop around for various options, not hesitating to spread their assets across providers. Apart from these generic characteristics that are true of the mass affluent in all parts of the world, Bank One’s experience of sub-Saharan Africa’s mass affluent segment shows us that a broad customer profile spans across any one or a combination of the following characteristics:

  • An individual who has bought properties and secure, low-yield assets such as treasury bonds within their shores, but now wishes to diversify their investments across other jurisdictions;
  • An individual who has children studying abroad or family living overseas and wishes to obtain a return on assets in such economies that offsets their expenses in the same jurisdictions;
  • An individual at a C-suite or senior management level in a company in Africa – who could currently be in Mauritius but might find themselves looking at a next posting in Kenya or Nigeria – and needs an offshore account that can move with them;
  • Such an individual could also be a business owner in a part of Africa that exports to different geographies across the region and is eying investments in those locations to offset expenses in these jurisdictions;
  • An individual who works in jurisdictions like the DRC or Nigeria where there are constraints on movement of foreign currency and who would prefer to invest in a jurisdiction where foreign currency can move more freely.

Needless to say, an individual who identifies with the above descriptions and aspirations would be considering banks in jurisdictions that support offshore banking, be it Singapore, Dubai, Hong Kong at a global level or a Mauritius and Seychelles at a regional level.

Why Bank One is in a prime position to serve the banking needs of the mass affluent?

While traditional banks in sub-Saharan Africa do see the promise of this emerging segment, they are simply not sure how to approach it. At Bank One, we have already crossed the first hurdle – that of definitively acknowledging that this segment exists in our region of operation – and have moved on to carving out a value proposition around their specific needs for banking services that Bank One is uniquely positioned to meet.

Indeed, Bank One considers itself to be in a prime position to deliver such services from our headquarters in Mauritius. We have rolled out our offerings for the mass affluent segment in the East African market since 2020 – taking advantage of the significant presence of our shareholders, I&M Holdings PLC and CIEL Group – and are currently targeting the Western and Southern African territories based on our acquired experience from East Africa. As the business grew, we decided to set up permanent resources in Kenya and Uganda alongside our seamless digital onboarding process, in adherence to the prevailing legal and regulatory requirements, which has endeared our solutions and made them more accessible to our clients.

We understand that we need to be proactive in serving the everchanging needs of mass affluent clients by providing banking solutions that resonate with their phase of life whilst helping them safeguard, invest and grow their assets.

With their rapid adoption of digital-first channels and self-service capabilities, this segment embarked on their first financial journey with FinTech firms that are thriving across the region. Hence, the mass affluent expect firms at a more mature stage of their financial planning, such as traditional banks, to offer personalised solutions and unique insights in order to see the value in such services. It is also evident that financial planning is of critical importance for this segment that also shows a keen response to incentives to bring about a holistic relationship – for example, offering better rates on mortgages if they maintain a certain threshold in assets under management with the same bank.

Finally, this segment values, above all, a consolidated and insightful view of their end-to-end financial situation, with technology touchpoints providing data-backed advice on how their assets should be managed. As a bank that wants to be successful in providing solutions and proactively managing clients in this market, these key considerations are cemented into our business strategy and ably executed by trusted advisors in the form of our dedicated relationship managers.

At a more holistic level, we recognize the importance of a customized approach to successfully provide banking and wealth products to mass affluent clients. Indeed, such value add could be as simple as helping them to understand how our offerings bring certain key benefits in their wake, which can help them achieve, and exceed, their financial goals – and acting as a partner in achieving their aspirations that are in turn fuelling the growth of the region at large.

 As a self-described ‘From Africa, For Africa’ banking institution, Bank One aims to unlock a world of opportunity for such upwardly mobile clients. For instance, our mass affluent clients are now able to access personalised offshore banking services – which was an offering previously available exclusively to HNWIs until recently. We have also proudly opened our doors to support such individuals in gaining access to global investment markets.

Distributed by APO Group on behalf of Bank One Limited.

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Sierra Leone’s PDSL to Host Strategic Investor Roundtable at Paris Energy Forum

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March 24, 2026

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The Petroleum Directorate of Sierra Leone will lead a targeted roundtable at Invest in African Energy 2026, spotlighting upstream potential and cross-regional partnerships

PARIS, France, March 24, 2026/APO Group/ –The Petroleum Directorate of Sierra Leone (PDSL) is set to convene an investor roundtable at Invest in African Energy (IAE) Forum 2026 in Paris, underscoring growing interest in West and North African energy markets and the need for deeper capital engagement across exploration, renewable and offshore services. The session reflects a strategic effort by Sierra Leone to connect its emerging upstream prospects with established operators and project developers as the country moves to unlock the full potential of its emerging oil and gas industry.

 

Sierra Leone is increasingly positioning itself as a frontier oil and gas market with significant offshore potential, and part of the PDSL’s mandate is to catalyze investment interest in its offshore acreage through direct engagement with global capital. Recent data suggest the country holds estimated recoverable resources in the tens of billions of barrels, backed by discoveries and extensive multi‑client seismic datasets that prospective investors are evaluating. The PDSL is actively promoting licensing opportunities and drilling plans, emphasizing fiscal terms and exploration readiness to attract strategic partners.

 

A cornerstone of this strategy is the anticipated launch of the country’s sixth licensing round. Offering a rare early-entry opportunity into a largely untapped deepwater terrain with considerable upside, the upcoming bid round is backed by fresh 3D datasets which de-risk exploration and support new drilling campaigns. Just this month, GeoPartners announced that the final Pre-Stack Time Migration data for its recently acquired 3D multi-client seismic survey in the country was complete and is now available for licensing. The dataset provides a 3D window into the hydrocarbon potential of the underexplored northern Sierra Leone region.

 

Sierra Leone’s licensing drive comes as major operators advance exploration activities. In 2025, Eni signed a Reconnaissance Permit Agreement with the PDSL, securing rights to conduct reconnaissance and technical evaluation activities across offshore blocks G113, G129, G130, G131 and G132. The acreage covers 6,790 square kilometers within Sierra Leone’s territorial waters. Nigeria’s F.A. Oil Limited is pursuing drilling following its award of six offshore blocks through the country’s fifth licensing round in 2023. The company is currently seeking a farm-in partner to advance the project from exploration to production, offering a 40% stake in each of the G Blocks 53, 54, 55, 71, 72 and 73.

 

As these development unfold, the upcoming roundtable at IAE 2026 offers a unique opportunity for operators and policymakers to engage potential investors. The IAE 2026 Forum has become a strategic bridge between African upstream opportunities and global investors, with sessions like the PDSL roundtable designed to foster deeper dialogue and provide clarity on project pipelines and investment prerequisites. Discussions are expected to cover mechanisms for de‑risking exploration activity, optimizing fiscal and contractual frameworks and identifying synergies between hydrocarbon investment and renewable energy commitments.

 

For investors seeking differentiated exposure to African energy markets, the Sierra Leone roundtable represents both a focused exploration of frontier oil potential and a broader conversation about regional infrastructure, partnerships and the evolving demands of energy capital in the years ahead.

 

IAE 2026 (www.Invest-Africa-Energy.com) is an exclusive forum designed to connect African energy markets with global investors, serving as a key platform for deal-making in the lead-up to African Energy Week. Scheduled for April 22–23, 2026, in Paris, the event will provide delegates with two days of in-depth engagement with industry experts, project developers, investors and policymakers. For more information, visit www.Invest-Africa-Energy.com. To sponsor or register as a delegate, please contact sales@energycapitalpower.com

 

Distributed by APO Group on behalf of Energy Capital & Power.

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Cape Town Prepares for African Mining Week 2026 as Draft Program Reveals Continent’s Mineral Drive

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March 24, 2026

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African Mining Week returns for its 2026 edition with an expanded three-day program, bringing together African mining leaders and global partners to shape the future of the continent’s mining sector

CAPE TOWN, South Africa, March 24, 2026/APO Group/ –Global economic trends – from record-breaking commodity prices to intensifying geopolitical competition for resources – are reshaping the strategic importance of Africa’s mineral wealth. As global countries race to secure supply chains for energy transition metals – which are expected to triple by 2030 – Africa is positioning its 30% share of the world’s critical minerals as a key pillar of economic growth. African governments are modernizing mining codes, developing industrial corridors and investing in mineral processing facilities to support local beneficiation, job creation, workforce development and regional mineral markets.

 

Against this backdrop, the upcoming African Mining Week (AMW) Conference & Exhibition – Africa’s premier gathering for mining stakeholders – has launched the draft program for its 2026 edition {https://apo-opa.co/3NneKLj}. Scheduled to take place October 14–16 in Cape Town, the event provides a platform where policymakers, global investors, project operators, technology providers, academia and mining service companies examine Africa’s mining opportunities, challenges and long-term strategic direction.

Under the theme ‘Mining the Future: Unearthing Africa’s Full Mineral Value’, the three-day, multi-track agenda reflects the growing urgency among African markets to strengthen value addition across the mining value chain.

Regional Cooperation and Policy Alignment in Focus

A key feature of the agenda is the Ministerial Forum, where African mining ministers will provide updates on regulatory reforms and policy alignment initiatives aimed at unlocking greater value from the continent’s mineral resources. Discussions will examine how harmonized regulatory frameworks and regional cooperation can accelerate investment flows and strengthen Africa’s position in global mineral supply chains.

The inclusion of regional policy integration reflects a growing continental push to leverage frameworks such as the African Continental Free Trade Area (AfCFTA) to enhance cross-border mineral cooperation and trade.

We are acting to enhance regional integration through frameworks such as the African Mining Vision and the Africa Mineral Strategy Group

“Africa’s integration is not only a political objective but a strategic economic vision,” stated Emmanuel Armah-Kofi Buah, Ghana’s Minister of Lands and Natural Resources, in remarks reported by Energy Capital & Power – organizers of AMW – in February 2026. “Our natural resources require coordinated policies. Isolated legal frameworks cannot fully unlock their value. Through integration and initiatives such as the ECOWAS [Economic Community of West African States] Mining Code and the African Mining Vision, we can build a stronger and more competitive mineral economy.”

Nigeria’s Minister of Solid Minerals Development, Henry Alake, echoed this emphasis on regional cooperation and beneficiation.

“We are acting to enhance regional integration through frameworks such as the African Mining Vision and the Africa Mineral Strategy Group,” he stated. “We must develop mineral corridors that connect resources, infrastructure and markets across the continent. Our goal is not to simply export raw materials, but to develop industrial hubs that create jobs and value across borders.”

Connecting Global Investors with African Opportunities

Strategic roundtables and Country Focus sessions form a key part of the AMW 2026 program, connecting African mining jurisdictions with international partners from the U.S, Europe, the Middle East and China. These sessions will provide African stakeholders with a platform to showcase exploration opportunities and project pipelines across the mining value chain.

Meanwhile, technical workshops and the exhibition floor at AMW 2026 will provide a platform for equipment manufacturers, technology providers and engineering firms to showcase innovations designed to enhance operational performance across mining operations.

By combining high-level policy dialogue with technical expertise and investment matchmaking, AMW 2026 positions itself as a critical marketplace where Africa’s mineral potential converges with global capital, technology and strategic partnerships – helping shape the next phase of growth for the continent’s mining sector.

AMW serves as a premier platform for exploring the full spectrum of mining opportunities across Africa. The event is held alongside the African Energy Week: Invest in African Energies 2026 conference from October 12-16 in Cape Town. Sponsors, exhibitors and delegates can learn more by contacting sales@energycapitalpower.com.

Distributed by APO Group on behalf of Energy Capital & Power.

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Tony Elumelu Foundation Selects Seven North African Entrepreneurs in 2026 Cohort

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March 24, 2026

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Seven North African entrepreneurs in technology, education, professional services and agriculture selected from 265,000 applications at historic Abuja ceremony

Hope is not just a feeling — it is a system we can build

ABUJA, Nigeria, March 24, 2026/APO Group/ —
  • 7 North African entrepreneurs selected from Morocco, Tunisia and Egypt
  • 51% of the 2026 cohort are women, all selected purely on merit, without any quota in place
  • 3,200 total entrepreneurs selected from 265,000+ applications across 54 African countries
  • USD 5,000 in non-refundable seed capital for each selected entrepreneur
  • Selection conducted independently by Ernst & Young

 

The Tony Elumelu Foundation (TEF) (www.TonyElumeluFoundation.org), the leading philanthropy empowering young African entrepreneurs, announced on Sunday, 22 March 2026 the 12th cohort of the TEF Entrepreneurship Programme at a ceremony held at the Transcorp Hilton, Abuja. The announcement was made by Founder Tony O. Elumelu, C.F.R.

 

Among the 3,200 entrepreneurs selected from 265,000 applications received from all 54 African countries: seven from North Africa. Three from Tunisia, two from Morocco, two from Egypt. Spanning technology, education, professional services and agribusiness, they represent a generation of North African founders building businesses that address the urgent needs of their communities. Their selection, which was conducted independently by Ernst & Young, places them among the most rigorously assessed young entrepreneurs on the continent.

 

This year’s cohort carries a historic signal: 51 percent of the 2026 entrepreneurs are women. They were selected purely on merit, without quota. Across hundreds of thousands of applications, women distinguished themselves through the strength of their ideas, the clarity of their business models and the ambition of their vision.

 

In 2026, the Foundation is empowering a total of 3,200 entrepreneurs across all its entrepreneurship programmes:

 

  • 1,751 entrepreneurs through Heirs Holdings Group: Heirs Energies, Transcorp Power, Transcorp Hotels, and United Capital;
  • 1,049 entrepreneurs in partnership with the European Commission, OACPS, BMZ and GIZ;
  • 100 entrepreneurs in partnership with Sèmè City Development Agency;
  • 100 entrepreneurs in partnership with DEG, the German Development Agency;
  • 100 entrepreneurs in partnership with the IKEA Foundation, UNICEF’s Generation Unlimited and the Dutch Government; and
  • 100 entrepreneurs in partnership with UNDP and the Rwandan Ministry of Youth and Arts.

 

 

Each selected Tony Elumelu Entrepreneur will receive USD 5,000 in non-refundable seed capital, access to world-class business management training on TEFConnect, one-on-one mentorship, and entry into a powerful network of investors, partners and fellow entrepreneurs.

 

In his annual letter (https://apo-opa.co/4uOFepM), “A Story of Hope,” Tony O. Elumelu, C.F.R., Founder of the Tony Elumelu Foundation, shared a powerful message to the new cohort:

 

“For a long time, I believed luck was something that simply happened to you. Then I came to understand: luck can be engineered. Opportunity can be democratised. Hope is not just a feeling — it is a system we can build.” — Tony O. Elumelu, C.F.R., Founder, Tony Elumelu Foundation — 2026 Annual Letter

 

The Tony Elumelu Foundation has empowered over 2.5 million young Africans with access to business management training on TEFConnect (https://TEFConnect.com), and disbursed over USD 100 million in seed capital to more than 24,000 selected entrepreneurs.

 

Collectively, these entrepreneurs have generated USD 4.2 billion in revenue and created more than 1.5 million direct and indirect jobs. Through its support for African entrepreneurs, TEF has lifted 2.1 million Africans above the poverty line and positively impacted more than 4 million African households, with 46% of supported entrepreneurs being African women. Eighty percent of TEF-supported businesses survive and scale, against a global average of ten to twenty percent.

 

 

The announcement ceremony was broadcast live in English (https://apo-opa.co/3PWLiML), French (https://apo-opa.co/3PWLiML), Portuguese (https://apo-opa.co/4t4Y7Da) and Arabic (https://apo-opa.co/4bYHlQl).

 

Distributed by APO Group on behalf of The Tony Elumelu Foundation.

 

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