African Banks: 1920 vs. 2018

I’m working through “Negro With a Hat: The Rise and Fall of Marcus Garvey,” and it’s fascinating to learn more about life in Jamaica during colonial times and Garvey’s experience trekking to Europe. While living in London, Garvey got a job at The African Times and Orient Reviewa paper published by Dusé Mohamed Ali. The paper carved out a reputation as unabashedly African nationalistic.

Ali was ambitious and launched a number of other initiatives outside of the paper. One of those in 1920 was an attempt to set up an independent bank in Ghana that would compete against European banks in West Africa. The venture wasn’t successful and got me thinking about Nigeria’s United Bank for Africa (UBA). This year, they got approval from Britain’s Prudential Regulation Authority to operate as a wholesale bank in Britain. The bank plans to use this approval facilitate trade finance deals in African markets. In 2018, UBA is the only African bank with this approval. That shouldn’t be the case and is a reminder of how much work there is still to do.