Latest news with #AfricaTradeConference
Zawya
01-07-2025
- Business
- Zawya
Access Bank committed to unlocking Africa's vast trade potential
During the first Access Bank Af- rica Trade Conference in Cape Town, South Africa, Seyi Kuma- payi, Executive Director, African Subsidiaries at Access Bank plc, expounded on the chal-lenges facing all stakeholders involved in trade in Africa and how Access Bank is working to connect the continent in trade. 'Access Bank is at the forefront, pio- neering financial solutions to try and see this growth through,' he said. Earlier, Kumapayi had bemoaned the fact that, despite Africa's population of 1.3bn, trade between the continent and the rest of the world is only 3% - while in- tra-African trade accounts for only about 16% of the continent's total trade. Access Bank is committed to change that and to ensure that 'Africa starts to trade with itself'. 'We want to use our connections in and outside Africa and, working within the African Continental Free Trade Agree-ment, to be a gateway between Africa and the world. [And] We are working to bridge these glaring gaps to ensure we take intra- African trade to 30% to 40% over the next couple of years.' Empowering Africa The conference, with the theme 'Empower- ing Africa through Trade, Innovation and Sustainable Growth', brought together a range of stakeholders in the trade eco- system to encourage discussion on trade solutions and strategies to expand markets in Africa. Delegates included small and medium enterprises (SMEs) and regional corporates, industry leaders, policymak- ers, importers and exporters, customs and government revenue agencies and trade financiers. Speakers at the conference included Wamkele Mene, Secretary-General of the African Continental Free Trade Area (AfCFTA); Kanayo Awani, Executive Vice- president, Intra-African Trade and Export Development at Afreximbank; Dr Marc Auboin, Counsellor, World Trade Organi- sation; and Solomon Quaynor, Vice- president, Private Sector Infrastructure and Industrialisation at the African De- velopment Bank. Kumapayi described the event as an opportunity to make connections, share insights and to collaborate to solve Af- rica's challenges and to seek opportuni- ties to support intra-African trade. The three challenges He identified the three critical chal- lenges which must be overcome if trade in Africa is to make any significant pro- gress as: a lack of access to appropri- ately-priced capital; a lack of access to information; and a lack of trust between trading partners on the continent. Turning to the problem of access to capital, Kumapayi said many busi- nesses across the continent are ham- strung because of an inability to ac- cess capital. The structure of capital is an obstacle, while the inhibiting cost of capital is often too high to enable companies to engage competitively in business. 'How do you enhance finance for the guy in Ghana to buy from the guy in Cameroon? This problem of access to capital is a huge obstacle to trade in Af- rica,' he said. What is needed is a financial services sector that enables businesses to access capital to invest in growth as well as innovation, and the capacity needed to take their business to other countries. 'It is up to the African banks to help cre- ate solutions.' On access to information, Kumapayi said there are numerous businesses in Africa that do not have access to the in- formation or business intelligence needed to make informed decisions about op- portunities outside their national borders. He said the financial services sector and other stakeholders must make it a priority to share information and harness technol- ogy to ensure African businesses are able to analyse opportunities in other countries. On the deficit of trust between trading partners, Kumapayi cited the numerous historic challenges between a number of countries in Africa, including a lack of reci- procity relating to regulations and a lack of uniformity in standards on the continent. 'When there is a lack of trust, people don't trade with each other. These issues seriously hamper collaboration and there is a need to focus on building trust and creating a healthy climate for trade.' Kumapayi said Access Bank has al- ways been committed to driving eco- nomic growth and fostering sustainable development across the African continent. 'Our presence now spans 24 countries, where we play a crucial role in facilitating trade, supporting both corporates and SMEs, and empowering key demographics such as women and youth. This extensive footprint enables us to foster cross-border trade, offer tailored financial solutions, and stimulate job creation, thus contributing to the broader socio-economic develop- ment of the regions in which we operate.' Working internationally He added that Access Bank works closely with a number of Development Finance Institutions, such as the International Fi- nance Corporation, Africa Finance Cor- poration and the African Development Bank. 'Today, we have attracted over $2bn into Africa for long-term lending... across Africa.' Access Bank is also committed to pro- viding financing to enable trade benefi- ciation on commodities from Africa, like cocoa and crude oil. 'We need to do more refining, and adding of value to raw ma- terials in Africa, before exporting.' Kumapayi said the conference was significant for the bank right now because Access Bank has built its business largely around trade. 'We wanted to expose what we are doing and point out how working with us can help transform trade in Africa. 'Access Bank has been doing a lot of acquisitions over the last two years. We are at a point where we are consolidating. We've seen trade as one of the most im- portant things to make the consolidation phase of our strategy happen. 'This conference brings people to- gether to say that Africa is ready to trade. Access Bank can be that powerhouse to connect Africa from a trade perspec- tive.' He added that the conference was an opportunity to showcase Access Bank's presence in Africa and abroad. 'We are showing the world that, wherever they want to trade, if they are our customer, we will make that connection happen.' Expansion strategy Turning to Access Bank's expansion strategy across the continent and its plans for the near future, Kumapayi said: 'In line with our long-term vision, Access Bank continues to focus on expanding its capabilities across the continent. Between 2025 and 2027, our strategy will be centred on consolidat- ing our market leadership by deepen- ing relationships with our clients, en- hancing our digital banking platforms, and expanding our services in key sec- tors such as agriculture, technology, and energy. We are also committed to continuing our support for women and youth empowerment, which remains a cornerstone of our corporate social responsibility initiatives. 'In the near future, Access Bank will be intensifying efforts to streamline operations, optimise our resources, and ensure that our customers across Africa benefit from a seamless banking experience, while we also continue to ex- pand our reach into emerging markets. As we grow, we are focused on creating posi- tive, lasting impacts in the communities where we operate, driving financial inclu- sion, and contributing to Africa's ongoing economic transformation.' Kumapayi said the conference was a demonstration of the bank's commitment to unlocking the massive potential for trade in Africa. 'I am very excited about trade prospects for Africa. We can't keep saying Africa has potential. We have to realise that potential. Because of Access Bank's convening power, we have about 60m customers across Africa who can lead that change. 'We need to bring everybody to the table, to say Africa's time is now. We need to take action, and today's conference is part of that action. It's not a confer- ence where we just talk, but one where we agree on what must be done and ensure we follow up to see it's done.' n 'Our presence now spans 24 countries. This enables us to foster cross-border trade, offer tailored financial solutions, and stimulate job creation.' © Copyright IC Publications 2022 Provided by SyndiGate Media Inc. (
Zawya
19-03-2025
- Business
- Zawya
South Africa: Access Bank drives intra-Africa trade at inaugural conference
Access Bank PLC, today, convened leading policymakers, business executives, and industry stakeholders in Cape Town for the maiden Africa Trade Conference, a platform dedicated to unlocking the continent's vast trade potential. The conference serves as a strategic response to the shifting global trade landscape, emphasising Africa's need to build resilient economies through deeper regional collaboration and enhanced financial and trade infrastructure. Addressing participants, Roosevelt Ogbonna, managing director and CEO of Access Bank PLC, highlighted the need for Africa to take control of its economic destiny by fostering deeper collaboration, investing in financial infrastructure, and creating homegrown solutions that drive sustainable growth. Ogbonna underscored the shifting dynamics of global trade and increasing need for Africa to look inward. The world, he noted, has become more fragmented, with rising nationalist tendencies and supply chain disruptions that have disproportionately impacted the continent. These challenges, he argued, present an opportunity for Africa to strengthen its trade networks, support local businesses, and build the resilience needed to compete on a global scale. However, for this vision to become a reality, several structural barriers must be addressed. One of the critical issues Ogbonna identified is the challenges businesses face in securing capital. While many African enterprises have the ambition to scale, the excessive cost of financing often inhibits their ability to expand. He advocated a financial services sector that is designed to empower businesses, making capital more accessible and affordable. 'Many businesses on the continent struggle to find capital or access to capital and the right structure of capital, and when they do find it, the cost of capital is so significant that it makes it unbelievably expensive for them to be able to raise capital and still do business competitively. That has to change. We have to create a financial services sector that empowers businesses, one that makes it easier and seamless for businesses to be able to access capital, to able to invest in growth, invest in innovation, and of course, the muscle they need to expand beyond their local boundaries. "It is clear that we need to create a network of Africa financial giants who are willing to create homegrown solutions to support the continent in achieving the objectives that we have set for ourselves.' Beyond financial constraints, limited access to market intelligence remains a major hurdle. Many African businesses lack the necessary insights to identify trade opportunities beyond their local markets. Leveraging technology to enhance information-sharing can bridge this gap, enabling businesses to make informed decisions and seize growth prospects across the continent. Apart from capital, Ogbonna highlighted the critical role of access to information. Many businesses struggle to find the data and intelligence necessary to make informed decisions and identify opportunities beyond their national borders. He stressed that leveraging technology to bridge this gap will be instrumental in driving cross-border trade and creating a more connected Africa. He also addressed the issue of trust between trading partners, noting that historic challenges, inconsistent regulations, and varying standards have contributed to a lack of confidence in intra-Africa trade. Overcoming this scepticism, he affirmed, requires deliberate efforts to harmonise standards, foster cooperation, and shift perceptions about the quality of African goods and services. He urged African businesses to take pride in what they produce, invest in local industries, and reject the notion that products made on the continent are inferior to those from elsewhere. The chief executive also emphasised the urgent need to modernise Africa's trade routes and infrastructure. Drawing on historical examples, he pointed out that Africa once had well-established trade corridors that connected it to the Middle East and Asia. Today, however, inefficient transport networks and regulatory bottlenecks make it easier for businesses in Angola to trade with Portugal than with South Africa or Nigeria. He called for a renewed commitment to building the infrastructure and regulatory frameworks necessary to facilitate seamless trade across the continent, ensuring that goods, services, and capital can move freely between African nations. Closing his address, Ogbonna challenged attendees to take concrete action toward realising Africa's economic potential. He urged governments, financial institutions, and businesses to leverage platforms like the Africa Trade Conference to drive meaningful change. The goal, he emphasised, should be to create an Africa where businesses thrive, financial inclusion is a reality, and homegrown solutions set global benchmarks. 'Ultimately, let's collectively agree that we will create value working as governments, financial services sector and businesses, leveraging our collective power to make the Africa we truly are proud of a reality,' he said. The Access Bank Africa Trade Conference represents a significant step toward fostering dialogue, building partnerships, and driving policy initiatives that support Africa's economic transformation. As the continent continues to navigate global uncertainties, events like this serve as a reminder that Africa's future lies in its ability to collaborate, innovate, and build a sustainable trade ecosystem that benefits all. Streaming link: Africa Trade Conference - 25. About Access Bank PLC Access Bank PLC, a wholly owned subsidiary of Access Holdings PLC, is a leading full-service commercial bank operating through a network of more than 700 branches and service outlets spanning three continents, 24 countries and over 60 million customers. The Bank employs over 28,000 people in its operations in Africa and Europe, with representative offices in China, Lebanon, India, and the UAE. Access Bank's parent company, Access Holdings PLC, has been listed on the Nigerian Stock Exchange since 1998 (now Nigerian Exchange (NGX)). The Bank is a diversified financial institution which combines a strong retail customer franchise and digital platform with deep corporate banking expertise, proven risk management and capital management capabilities. The Bank services its various markets through three key business segments: Corporate and Investment Banking, Commercial Banking, and Retail Banking. The Bank has enjoyed what is Africa's most successful banking growth trajectory in the last 20 years, becoming one of the continent's largest retail banks. As part of its continued growth strategy, Access Bank is focused on mainstreaming sustainable business practices into its operations. The Bank strives to deliver sustainable economic growth that is profitable, environmentally responsible, and socially relevant, helping customers to access more and achieve their dreams. About Africa Trade Conference Africa Trade Conference serves as a dynamic platform where industry leaders, policymakers, and stakeholders across the trade ecosystem come together to shape the future of commerce on the continent. By fostering dialogue on innovative trade solutions, sustainable practices, and market-expanding strategies, the forum underscores Access Bank's commitment to unlocking Africa's immense potential. Participants will engage in insightful discussions, forge strategic partnerships, and explore opportunities that drive inclusive growth, positioning Africa as a pivotal player in global trade. Access Bank invites you to join industry leaders, innovators, and other key players across Africa's trade ecosystem at the Africa Trade Conference 2025. All rights reserved. © 2022. Provided by SyndiGate Media Inc. (
Zawya
13-03-2025
- Business
- Zawya
Access Bank's Africa Trade Conference Ignites New Era of Intra-Africa Commerce
Access Bank PLC ( successfully hosted the inaugural Africa Trade Conference in Cape Town, South Africa, bringing together industry leaders, policymakers, and trade experts to drive solutions for accelerating intra-African trade and unlocking the continent's economic potential. The conference tackled critical challenges, including limited access to capital, market information gaps, trust deficits between trading partners, and the urgent need for modernised trade infrastructure. Roosevelt Ogbonna, Managing Director/CEO of Access Bank, delivered the opening remarks, setting the tone for discussions by highlighting the critical barriers hindering trade across Africa. He emphasised the urgent need for financial sector collaboration to facilitate seamless access to capital and foster a business environment where African enterprises can scale and compete globally. 'We must invest in the initiatives that ensure that we can bring businesses together, forge trust, and create the connections necessary for trade. In doing so, we must stamp out the narrative that 'Made in Africa' is inferior to any product made anywhere else in the world. We must buy Africa, be proud to wear Africa, and invest in Africa because that is what the continent needs to leap forward into the next generation,' Ogbonna stated. With Africa's population projected to surge to 2.5 billion by 2050 from 1.2 billion, the African Continental Free Trade Area (AfCFTA) stands as the most significant free trade initiative since the formation of the World Trade Organisation. By fostering economic integration, AfCFTA has the potential to reshape trade dynamics across the continent, creating a unified market that enhances industrialisation, boosts employment, and strengthens Africa's global competitiveness. Recognising this transformative opportunity, H.E. Wamkele K. Mene, Secretary-General of AfCFTA, emphasised the urgency of fully implementing the agreement to unlock its immense benefits. "The AfCFTA is not just a trade agreement; it is an instrument for Africa's industrialisation and economic sovereignty. It is a tool that will enable us to break down historic trade barriers and build an Africa that is self-sufficient, competitive, and prosperous. But for this to happen, we must commit to operationalising the agreement fully, ensuring that businesses, particularly SMEs and women-led enterprises, have access to the information, capital, and platforms they need to thrive,' Mene stated. Also, Kanayo Awani, Executive Vice President of Afreximbank, emphasised the importance of financing mechanisms that support African businesses in their expansion across borders. She reaffirmed Afreximbank's commitment to championing trade finance solutions and infrastructure investments that will unlock Africa's trade potential. 'At Afreximbank, we understand that trade finance is the lifeblood of economic development. Without it, businesses cannot scale, industries cannot innovate, and Africa cannot fully realise its trade potential. This is why we have developed instruments such as the Pan-African Payment and Settlement System (PAPSS) to facilitate seamless transactions across borders, reducing reliance on foreign currencies and strengthening intra-African trade,' Awani remarked. The conference featured an insightful testimonial from Nathalie Louat, Global Director at the IFC/World Bank Group, who pointed out the pivotal role of trade finance in enabling cross-border transactions and supporting financial inclusion. She underscored the long-standing partnership between IFC and Access Bank in fostering Africa's economic resilience. Several high-level panel discussions explored strategies to overcome trade barriers and enhance market access through innovative solutions. Experts from leading institutions, including Deutsche Bank, Traydstream, OWP Partners, Fiducia International, and more, examined how infrastructure improvements, digital solutions, and policy harmonisation could drive economic growth and boost intra-African trade. Dr. Marc Auboin from the World Trade Organization (WTO) shared key insights on how digital transformation is reshaping Africa's supply chain landscape, creating efficiency and unlocking new global market opportunities. Tanya Dos Santos-Ford from GIBS Business School also led a session on sustainable trade practices, emphasising the need for environmentally responsible economic growth strategies. The event culminated in an awards ceremony recognising outstanding contributions to intra-African trade and economic transformation. Tradepass Commodities Limited (Ghana), Chemaf International FZE (DR Congo), and Harvest Group of Companies (Zambia) were honoured for their impact on SMEs and women-led trade enterprises. Bulkstream Limited (Kenya) and Electricidade de Moçambique (Mozambique) received awards for advancing intra-African trade, while Tennant Metals South Africa Pty Ltd was recognised as an Emerging Leader in Trade. The International Finance Corporation (IFC) was awarded the Climate Finance Leadership Award, while Afreximbank received the Champion of Intra-African Trade Award. The African Development Bank (AfDB) and Africa Finance Corporation (AFC) were celebrated for their roles in economic transformation and infrastructure finance, respectively. The prestigious African Icon Award was presented to IHS Group, Dangote Industries Limited, and MTN Group Limited for their significant contributions to Africa's economic progress. As the conference ended, Seyi Kumapayi, Executive Director, African Subsidiaries at Access Bank, reaffirmed the institution's commitment to supporting trade finance, fostering regional integration, and championing policies that create an enabling environment for businesses across Africa. For inquiries: Olakunle Aderinokun Distributed by APO Group on behalf of Access Bank PLC. About Access Bank PLC: Access Bank PLC, a wholly owned subsidiary of Access Holdings PLC, is a leading full-service commercial bank operating through a network of more than 700 branches and service outlets spanning three continents, 24 countries and over 60 million customers. The Bank employs over 28,000 people in its operations in Africa and Europe, with representative offices in China, Lebanon, India, and the UAE. Access Bank's parent company, Access Holdings PLC, has been listed on the Nigerian Stock Exchange since 1998 (now Nigerian Exchange (NGX)). The Bank is a diversified financial institution which combines a strong retail customer franchise and digital platform with deep corporate banking expertise, proven risk management and capital management capabilities. The Bank services its various markets through three key business segments: Corporate and Investment Banking, Commercial Banking, and Retail Banking. The Bank has enjoyed what is Africa's most successful banking growth trajectory in the last 20 years, becoming one of the continent's largest retail banks. As part of its continued growth strategy, Access Bank is focused on mainstreaming sustainable business practices into its operations. The Bank strives to deliver sustainable economic growth that is profitable, environmentally responsible, and socially relevant, helping customers to access more and achieve their dreams.
