Pan-African lender Ecobank Group has unveiled Ecobank Single Market Trade Hub as part of its initiatives in promoting intra-African trade.
The Ecobank Single Market Trade Hub or Trade Hub is live with over 300 businesses from 22 economies in Africa having signed onto the platform already.
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 World Bank estimates that the AfCFTA will expand Africa’s exports by $560 billion, boosting the continent’s GDP by seven percent by 2035.
The initiative serves as an exchange and information repository, serving the evolving trading needs of SMEs and corporates in Africa’s business ecosystem.
It is expected to reduce the asymmetry in trade information, leveraging Ecobank’s wide client base, and footpring in 35 African markets.
Jeremy Awori, CEO, 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.”
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The Trade Hub offers the following essential features and services:
• MyTradeHub: An online match-making platform, enabling importers and exporters to create their company profiles, exhibit their goods and services, and connect with buyers and suppliers across Africa.
• AfCFTA expertise: A repository of knowledge and information on the AfCFTA, to help SMEs and corporates to familiarise themselves with the single market and ways to expand into new 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.