On Friday 20th November 2020, FCI officially announced Avuna Limited as its newest affiliate member. This is a long-awaited affiliation looking at the volume the fast-growing trading company has recorded since inception in 2019.
This puts The Avuna Group in the company of Wells Fargo Bank, Bank of China, Standard Chartered Bank UK, BNP Paribas Factor SA, African Export – Import Bank, Absa Bank South Africa, Ecobank Kenya etc.
Avuna Trade (The trade arm of The Avuna Group), a trading company in Lagos, Nigeria, which is dedicated to improving cross-border business and driving growth in export became only the fourth Nigerian member/the fortieth African member of FCI, the Global Representative Body for Factoring and Financing of Open Account Domestic and International Trade Receivables.
With close to 400 member companies in more than 90 countries, FCI offers a unique network for cooperation in cross-border factoring. Member transactions represent nearly 60% of the world’s international correspondent factoring volume.
This giant leap by Avuna further affirms their unrivalled effort to provide the much-needed support for businesses involved in export, to see them thrive and scale exponentially. This major milestone also helps to cushion the credit challenges of partners associated with cross-border trade. FCI affiliation strengthens Avuna’s stake in terms of its vast experience of over 50 years and international capacity in this space to provide ease in facilitating global trade.
Armed with market intelligence, data and now a global affiliation, Avuna Trade provides a wide range of solutions which include finance/credit availability, logistics, and compliance providing necessary information, legal and documentation support.
As an affiliate member of FCI, Avuna Limited enjoys global access and benefits from the three major areas of FCI activities, which are;
CONNECT: the Business network supports cross-border factoring activities through which its members cooperate as export and import factors
EDUCATE: FCI promotes and develops best practices in both domestic and international factoring and related Open Account Finance products.·
INFLUENCE: FCI promotes and defends the industry with stakeholders and policymakers worldwide.
The Head Investment Analyst of Avuna Limited, Mr Brian Edwards during the Press briefing announced that this pace-setting stride by the leading trading company in Nigeria further proves the immense work, and sacrifice the team has put in.
As this affiliation is coming on the back of the credibility gained by Avuna over a short period. He encouraged commodity traders and other stakeholders in the industry to take advantage of this rare business opportunity provided by Avuna, to leverage their platform and expand their export credit operations.