…Over 4000 businesses already connected from 33 countries
Lagos, July 10, 2024 – Ecobank Nigeria has advised Small and Medium Enterprises (SMEs) as well as large businesses within the country to take quick advantage of its Single Market Trade Hub to connect their businesses to countries in Africa.
The bank said over 4000 businesses in 33 countries were already connected and are benefiting from the synergies that the hub provides.
The Ecobank Single Market Trade Hub is a cutting-edge digital platform designed to respond to the evolving trading needs of SMEs and corporates within Africa’s single market.
The hub, which is live, connects traders across Africa, within the 1.4 billion-people single-market framework of the African Continental Free Trade Area (AfCFTA).
The hub also serves as an exchange and information repository for cross-border commerce.
Speaking in Lagos, Kola Adeleke, Ecobank Executive Director, Commercial Banking, said the Ecobank Single Market Trade Hub was providing a gateway to explore and access continental trade opportunities across Africa.
He said the bank had invested in making the platform more convenient to use through digital customer onboarding and more cost effective through access to better pricing.
“African Continental Free Trade Area (AfCFTA) has created an immense opportunity for African businesses, and as the pan-African bank with the most extensive coverage of Africa, Ecobank is perfectly placed to provide trade, informa information and payment solutions to support SMEs and corporates seeking to capitalise on the single market,” he said.
On the specific benefits of the Trade Hub, Adeleke said the hub “provides Trade and Payment Solutions, as a gateway into Ecobank’s full range of digital products, including trade finance services, cash management solutions, domestic and cross-border payments and collections, investment banking, Capex financing, and more.
“Beyond that, it also functions as an online match-making platform, enabling importers and exporters to create their company profiles, showcase their goods and services, source suppliers and connect with buyers and suppliers across Africa.
“Finally, Ecobank being an AfCFTA expert, uses the Hub as a valuable repository of knowledge and information on the African Continental Free Trade Area, to help SMEs and corporates to familiarise themselves with the single market and ways to expand their trade into new African markets.”
Adeleke recalled that Ecobank Nigeria recently hosted ‘Adire Lagos Experience’ with over 100 Adire vendors, where the bank profiled the merchants on the Trade Hub and position them to be able to export their products to other countries in Africa and beyond.
He that this would not only boost the export potential of the locally produced textile by leveraging the African Continental Free Trade Agreement, but also support the merchants to build capacity, help them improve the quality of whatever they are producing for export purposes and ultimately ensure that Adire becomes an African brand with global acclaim. (GBN)
