October 3, 2018

Afreximbank urge African banks to utilise trade facilitation programme

keystone bank

Banking hall

African Export-Import Bank (Afreximbank) has urged African banks to key into Afreximbank’s Trade Facilitation Programme(AFTRAF).

Ms Fatma Bao, Manager, Afreximbank Guarantees and Specialised Finance Unit, said this in a statement signed by Mr Obi Emekekwue, the Head of Media, Afreximbabk on Wednesday in Abuja.

Bao, during a roadshow to herald the AFTRAF in Dakar, Senegal, said the programme when implemented would help improve the business performance of the banks.

According to her, the programme is structured to enhance confidence of counterparties in the settlement of international trade transactions for critical imports into Africa.

Banking hall

Banking hall

She said it would support intra-African trade and facilitate the purchase of equipment for production of export goods.

She said the programme would also resolve the increasing de-risking of African banks due to stringent compliance and regulatory requirements imposed by international banks.

Bao described AFTRAF as the Bank’s response to the recurring trend of reduction or withdrawal of trade lines to African banks by the international banks following the de-risking process.

She said: “Afreximbank wants to understand the needs of the Senegalese market and the current obstacles facing you.

“We want to satisfy these needs so that we can cooperate with you to improve the country’s trade.

“The roadshow was held as part of a strategy to allow Afreximbank expand its coverage of Africa and to onboard Senegalese banks to the AFTRAF programme.

“It also aims to enhance cooperation between Afreximbank and the local banks in order to grow the nation’s economy.

According to Bao, similar roadshows will subsequently be held for several other African countries.