Ecobank unveils its Single Market Trade Hub, once again promoting intra-African trade.
Lomé, 1 June 2023 – Ecobank Group, the leading Pan-African banking Group, has unveiled its 'Ecobank Single Market Trade Hub' today as part of its commitment to promoting intra-African trade. The Ecobank Single Market Trade Hub (the "Trade Hub") is live, with over 300 businesses from 22 countries having signed onto the digital platform so far. 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 Ecobank Single Market Trade Hub is a cutting-edge digital platform, which serves as an exchange and information repository, designed to respond to the evolving trading needs of SMEs and corporates within Africa's single market. The Trade Hub reduces the asymmetry in trade information and in this connection, leverages Ecobank's wide client base and network advantage, through its presence in 35 African markets.
Jeremy Awori, Chief Executive Officer, 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."
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
valuable repository of knowledge and information on the African
Continental Free Trade Area, to help SMEs and corporates to familiarize
themselves with the single market and ways to expand their trade into new
African 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.
Souleymane Diagne, Group Head
Trade, Ecobank Group, added: "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. Using the
MyTradeHub feature, importers and exporters can upload their profile and
showcase their goods and services online to find buyers or source them from
suppliers within the continent. 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 and
boost the continent's GDP by 7% 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
businesspersons and investments.
To visit Ecobank's
Single Market Trade Hub, go to: tradehub.ecobank.com