NAIROBI, Kenya, June 5 – Pan-African banking group Ecobank has introduced its single market trade hub as part of its mission to foster intra-African trade.
The ‘Ecobank Single Market Trade Hub’ (the “Trade Hub”), which is a digital platform, has signed up 300 businesses across 22 African countries.
The Trade Hub serves as an exchange and information repository, designed to respond to the evolving trading needs of SMEs and corporations within Africa’s single market.
“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,” Ecobank Group Chief Executive Officer Jeremy Awori said.
“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.” Awori added.
The hub offers MyTradeHub, AfCFTA expertise, and trade and payment solutions.
For example, MyTradeHub is 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.
“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,” the Group’s Head of Trade Souleymane Diagne said.
“Combining the matchmaking capabilities of MyTradeHub, extensive AfCFTA information resources, and a 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, boosting the continent’s GDP by 7 percent 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 businesspeople and investments.
