Absa Group remains one of the largest commercial banks, driving agricultural financing across the continent, with its leadership saying the sector is key to Africa’s long-term economic transformation agenda.
Group Chief Executive Officer Kenny Fihla says agriculture is not only a priority lending segment for the bank, but also a critical growth lever that can reshape productivity, food security, and industrial development if properly scaled across its African footprint.
He pointed to the bank’s established dominance in South Africa as a benchmark that should be extended across other markets in which it operates.
“ABSA is the biggest commercial bank that supports the agricultural sector. In South Africa, 40 percent of bank lending to the agricultural sector is done by Absa,” underscoring the depth of its sector expertise.
But he acknowledged a gap in the regional integration of that strength, stressing that the group has not yet fully translated its agricultural banking experience across all markets.
“I don’t think we have accelerated the leveraging of that know-how, of that expertise to the benefit of the rest of our footprint,” he admitted.
Fihla argued that agriculture remains commercially viable when properly structured, insisting that focused lending models can deliver long-term sustainability despite the sector’s cyclical risks.
“If you choose the right lines and you focus on the right opportunities, you can have a sustainable business over a long period of time,” he said, adding that the bank is actively reworking how it connects its operations across countries to scale successful models.
Beyond agriculture, he highlighted Africa’s broader financing challenge, estimating that the continent will require “trillions of dollars” to support infrastructure, energy transition, and industrial expansion.
However, he maintained that the solution is not distant, stressing that “there is enough capital within the African continent to make that progress,” particularly if private capital is effectively mobilised and projects are properly structured.
He added that banks must increasingly act as intermediaries, connecting investors to viable opportunities and partnering governments to package bankable projects, while leveraging domestic deposits as a key source of liquidity.
