Ecobank Group, the leading Pan-African banking Group, has unveiled its ‘Ecobank Single Market Trade Hub’ today as part of its commitment to promoting intra-African trade.
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 Ecobank Single Market Trade Hub (the “Trade Hub”) is live, with over 300
businesses from 22 countries signed onto the digital platform so far.
The Trade Hub connects traders across Africa, within the 1.4 billion people
single market framework of the African Continental Free Trade Area (AfCFTA).
The Trade Hub reduces the asymmetry in trade information and in this
connection, leverages Ecobank’s wide client base and network advantage, through
its presence in 35 African markets.
Jeremy Awori, Chief Executive Officer of Ecobank Group, said: “AfCFTA has
created an immense opportunity for African businesses. As the pan-African bank
with the most extensive coverage of Africa, Ecobank is perfectly placed to
provide trade, information and payment solutions to support SMEs and corporates
seeking to capitalize on the single market.
The Ecobank Single Market Trade Hub is a new and remarkable addition to our
portfolio of omni-channels, empowering businesses to thrive within Africa's
single market.”
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 across Africa.
AfCFTA expertise: A valuable repository of knowledge and information on the
African Continental Free Trade Area, to help SMEs and corporates to familiarize
themselves with the single market and ways to expand their trade into new African
markets.
Trade and Payment Solutions: A gateway into Ecobank's full range of products
and digital solutions, including trade finance and services, cash management
solutions (including RapidCollect), domestic and cross-border payments,
investment banking, Capex financing, and more.
Souleymane Diagne, Group Head Trade, Ecobank Group, added: “The AfCFTA has
revolutionised the African business landscape and the Ecobank Single Market
Trade Hub, within this context, is an enabler of intra-African trade through
catalysing partnerships and facilitating African businesses access to new
markets.
Using the MyTradeHub feature, importers and exporters can upload their profiles
and showcase their goods and services online to find buyers or source them from
suppliers within the continent.
Combining the matchmaking capabilities of MyTradeHub, extensive AfCFTA
information resources, and seamless access to Ecobank's comprehensive suite of
financial solutions and digital channels, the Trade Hub will help businesses
thrive within the AfCFTA and maximise their value-addition across regional
corridors.”
The World Bank estimates that the AfCFTA will increase Africa’s exports by $560
billion and boost the continent’s GDP by 7% by 2035. The single market, which
became operational at the beginning of 2021, aims to remove most tariffs on
goods and services in Africa among member countries and enables the free
movement of businesspersons and investments.
To visit Ecobank’s Single Market Trade Hub, go to: tradehub.ecobank.com
Source: Peacefmonline.com