Access Bank Ignites Intra-African Commerce

Friday, 14th March 2025

Par Inafrika Reporter

Cape Town, South Africa, Access Bank PLC successfully inaugurated the Africa Trade Conference, gathering industry leaders, policymakers, and trade experts to drive initiatives aimed at enhancing intra-African trade and unlocking Africa’s vast economic potential. The gathering addressed critical challenges such as limited access to capital, market information deficits, trust-building between trading partners, and the urgent need for advanced trade infrastructure.

Roosevelt Ogbonna, Managing Director and CEO of Access Bank, set the tone with his opening remarks, identifying key barriers impeding Africa’s trade landscape. He stressed the necessity for financial sector collaboration to facilitate easy access to capital, enabling African enterprises to expand and compete on the global stage.

Ogbonna highlighted, “We must invest in initiatives that bring businesses together, build trust, and foster essential trade connections. We must dismantle misconceptions regarding African-made products, promoting pride and investment in Africa, essential for propelling the continent forward.”

As Africa’s population is projected to reach 2.5 billion by 2050, the African Continental Free Trade Area (AfCFTA) emerges as a pivotal opportunity for fostering economic integration. AfCFTA aims to reshape trade dynamics, creating a unified market that could significantly boost industrialization, employment, and Africa’s global competitiveness.

H.E. Wamkele K. Mene, Secretary-General of AfCFTA, emphasized the imperative for fully implementing the AfCFTA agreement. He described AfCFTA as more than just a trade accord but an instrument driving Africa’s industrialization, economic sovereignty, and self-sufficiency.

“African businesses, especially SMEs and women-led enterprises, must receive essential information, capital, and platforms to leverage AfCFTA’s opportunities,” Mene stated.

Addressing financing concerns, Kanayo Awani, Executive Vice President of Afreximbank, highlighted the bank’s commitment to trade finance solutions and infrastructure investments. She underlined the Pan-African Payment and Settlement System (PAPSS) developed by Afreximbank, facilitating seamless cross-border transactions and reducing dependency on foreign currencies.

International Finance Corporation’s (IFC) Global Director, Nathalie Louat, emphasized the critical role of trade finance in facilitating cross-border trade and financial inclusion. She applauded the robust partnership between IFC and Access Bank in enhancing Africa’s economic resilience.

The conference featured dynamic panel discussions exploring strategies to overcome trade obstacles. Distinguished panelists from renowned institutions including Deutsche Bank, Traydstream, OWP Partners, and Fiducia International discussed the impact of infrastructure, digital innovations, and harmonized policies on economic growth and trade enhancement.

Dr. Marc Auboin from the World Trade Organization provided valuable insights into how digital transformation reshapes Africa’s supply chain, driving efficiency and expanding global market access. Additionally, Tanya Dos Santos-Ford from GIBS Business School championed sustainable trade practices for environmentally conscious economic growth.

Recognizing significant contributors to intra-African trade, the conference concluded with a prestigious awards ceremony. Tradepass Commodities Limited (Ghana), Chemaf International FZE (DR Congo), and Harvest Group of Companies (Zambia) were celebrated for empowering SMEs and women-led enterprises. Bulkstream Limited (Kenya) and Electricidade de Moçambique (Mozambique) received accolades for their role in advancing intra-African trade, while Tennant Metals South Africa was recognized as an Emerging Leader.

The IFC received the Climate Finance Leadership Award, with Afreximbank honored as Champion of Intra-African Trade. The African Development Bank (AfDB) and Africa Finance Corporation (AFC) were praised for their substantial roles in economic transformation and infrastructure finance.

IHS Group, Dangote Industries Limited, and MTN Group Limited were honored with the esteemed African Icon Award, recognizing their extensive contributions to Africa’s economic development.

Closing the event, Seyi Kumapayi, Executive Director of African Subsidiaries at Access Bank, reiterated the bank’s unwavering support for trade finance, regional integration, and the formulation of policies conducive to thriving African businesses.