Ecobank Group, the leading pan-African banking Group, has said it is positioned as the ‘go to’ bank for payments and trade in Africa. Eric Odhiambo, Group Executive, Corporate and Investment Banking, Ecobank Group who was speaking on the ongoing Intra-African Trade Fair 2023 (IATF 2023) taking place in Cairo, Egypt, said the bank’s digital platforms facilitate seamless payments and collections across 35 countries where the Pan African has operation on the continent.
He said IATF 2023, the continent’s premier trade and investment event with the theme: “Connecting African Markets” provides a springboard platform for businesses to grow their intra-African trade and investments across the continent’s single market of 1.4 billion people created by the African Continental Free Trade Area (AfCFTA).
According to him, “IATF provides Africa’s businesses with unrivalled opportunities to network, connect and sign contracts with buyers and sellers from across the continent. With our comprehensive suite of banking products, services, solutions and our established digital platform, which facilitates seamless payments and collections across our 35 countries of presence in Africa, Ecobank is positioned as the ‘go to’ bank for payments and trade. To further support businesses to grow and succeed we have also put in place a range of initiatives which include the game-changing Ecobank Single Market Trade Hub, which connects importers and exporters across Africa.”
The Ecobank Single Market Trade Hub is a cutting-edge digital platform, which serves as an exchange and information repository, designed to respond to the evolving trading needs of SMEs and corporates within Africa’s single market. The Trade Hub reduces the asymmetry in trade information and leverages Ecobank’s wide client base, through its network advantage given its presence in 35 African markets. With more than 2,000 customers onboarded on the platform, the Trade Hub offers the following essential features and services:
- MyTradeHub: An online match-making platform that enables importers and exporters to create their company profiles, exhibit their goods and services, and connect with buyers and suppliers throughout Africa.
- AfCFTA expertise: A valuable repository of knowledge and information on the African Continental Free Trade Area, to help SMEs and corporates familiarise themselves with the single market and ways to expand their trade into new African markets.
- Trade and Payment Solutions: A gateway to Ecobank’s full range of products and digital solutions, including trade finance and services, cash management solutions, domestic and cross-border payments and collections, investment banking, Capex financing, and more.
Ecobank’s additional solutions to facilitate intra-African trade include RapidCollect, which enables businesses to collect payments instantly and at low cost from their customers in 33 countries, whilst only needing one single account in their home country; and assisting businesses to gain an online presence and develop a free website through Google My Business Platform. In addition, Ecobank will be acting as an inter-bank settlement agent for Central Banks in our countries of operation that have not yet signed up to Pan-African Payment and Settlement System (PAPSS).
IATF 2023 promises to play a key role in raising awareness and helping Africa’s businesses to grasp the opportunities and benefits of the AfCFTA and create new markets across Africa, while fostering investments and boosting value chains. The Ecobank Group is determined to continue to play a significant role in helping to achieve the objectives of the AfCFTA and is delighted to be a sponsor of the IATF2023