Tony Elumelu Expands UBA's Reach with French License

Tony Elumelu, founder of Heirs Holdings and United Bank for Africa (UBA), is on the verge of securing a full banking license in France, which will transform UBA’s Paris office into a full-service operation. This expansion is part of Elumelu's strategy to position Nigerian finance at the center of Africa-Europe trade.

The Paris office will connect UBA to 11 Francophone African countries and enhance trade finance, allowing for direct euro-denominated trade and reducing settlement costs for African businesses. Elumelu has signed a cooperation agreement with French President Emmanuel Macron and Finance Minister Antoine Armand, awaiting final approval from France’s banking regulator, the ACPR.

Additionally, Macron appointed Elumelu to lead the Africa France Impact Coalition, linking African entrepreneurs with French leaders. Elumelu's foundation has also partnered with the European Union on a €20 million initiative supporting over 2,500 women-led African startups, further solidifying his influence in both banking and development sectors.