ECOBANK Group, the leading Pan-African banking Group, has introduced the ‘Ecobank Single Market Trade Hub’ as part of its commitment to promoting intra-African trade. The Trade Hub, a cutting-edge digital platform, aims to connect traders across Africa within the framework of the African Continental Free Trade Area (AfCFTA). More than 300 businesses from 22 countries have already joined the platform.
Jeremy Awori, CEO of Ecobank Group, emphasised the immense opportunity that AfCFTA has created for African businesses saying, ‘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.’ Ecobank’s extensive coverage and network advantage, with a presence in 35 African markets, positions the bank to provide trade, information, and payment solutions to support SMEs and corporates in capitalising on the single market.
The Ecobank Single Market Trade Hub offers essential features and services, including MyTradeHub, an online match-making platform for importers and exporters to showcase their goods and services and connect with buyers and suppliers across Africa. The platform also provides expertise on AfCFTA, offering knowledge and information to help businesses familiarize themselves with the single market and expand their trade into new African markets. Additionally, the Trade Hub serves as a gateway to Ecobank’s full range of products and digital solutions, including trade finance, cash management solutions, domestic and cross-border payments, and investment banking.
Souleymane Diagne, Group Head Trade at Ecobank Group, highlighted the Trade Hub’s role in enabling intra-African trade by catalysing partnerships and facilitating access to new markets. Through the MyTradeHub feature, importers and exporters can upload their profiles and showcase their goods and services online, connecting with potential buyers or suppliers within the continent. The Trade Hub combines matchmaking capabilities, extensive AfCFTA information resources, and seamless access to Ecobank’s comprehensive financial solutions and digital channels to help businesses thrive within the AfCFTA and maximise their value-addition across regional corridors.
The AfCFTA, which became operational in 2021, aims to remove most tariffs on goods and services among member countries in Africa, promoting free movement of businesspersons and investments. The World Bank estimates that the AfCFTA will increase Africa’s exports by $560bn and boost the continent’s GDP by 7 percent by 2035. The launch of the Ecobank Single Market Trade Hub aligns with the objectives of the AfCFTA, facilitating trade and economic growth within the African continent.