How African banks can navigate global headwinds

As financial services continue to evolve, the global financial ecosystem holds much promise, but it is also faced with a raft of headwinds. The CEO of UBA America and the Executive Director for Treasury and International Banking, Sola Yomi-Ajayi, recently sat down with CNBC Africa to discuss their correspondent banking strategy and how African lenders can navigate the challenges and tap into opportunities abroad amidst the current global economic climate. Yomi-Ajayi shed light on the current state of the global economy, characterized by high inflation rates and central banks grappling with stabilization efforts. Despite these challenges, Yomi-Ajayi emphasized that opportunities for growth and innovation still exist within the financial sector. The discussion centered around UBA's vision and strategy for correspondent banking, highlighting the importance of providing essential banking services to African institutions, both within the continent and abroad. The conference held by UBA aimed to address the challenges faced by African banks and foster collaboration to support the region's financial institutions. Correspondent banking plays a crucial role in facilitating trade, capital flows, and mitigating risks for African banks operating in international markets. Yomi-Ajayi emphasized the need for robust banking solutions to meet the diverse needs of customers, including payment services, trade finance, and currency solutions. As UBA continues to expand its global footprint, with recent openings in Dubai and plans for further market penetration, the bank remains committed to supporting African economies and driving financial inclusion across the continent.