By Michael Eboh
Access Bank Plc has entered into a strategic partnership with the African Finance Corporation (AFC) to boost trade in Nigeria and eight and the African continent in general, with the signing of a N15 billion ($100 million) trade finance master participation agreement.

Speaking during the signing ceremony in Lagos, last weekend, Mr. Ebenezer Olufowose, Executive Director, Investment Banking, Access Bank Plc, disclosed that the partnership will enable Access Bank provide short-term financing to businesses in Nigeria and other African countries, with particular focus on infrastructure financing.

He said, “Access Bank has established itself as a leading trade finance house in Nigeria. The bank is desirous of extending this market leadership to other African markets where it is present.

“The signing of this agreement with AFC will enable us achieve this objective while simultaneously enhancing our capability to handle larger and more complex transactions.

“The agreement will add value to the bank’s trade services offerings and enhance the bank’s capacity to continuously delight its customers.”
He further noted that the facility will provide the bank with the opportunity to extend its leadership in trade financing and also deploy its array of products and services to other African countries

Speaking in the same vein, Mr. Solomon Asamoah, Deputy Chief Executive Officer and Chief Investment Officer, AFC, stated that the driving force behind the partnership is to help the bank sxpand its products and services to importers and exporters in the Nigeria and the continent.

He expressed optimism over he expansion of the facility and the extension of the focus of the agreement to cover other areas apart from trade financing, such as infrastructure financing..

He said, “this agreement is a milestone for both organisation. This is in view of the fact that access to finance is paramount to private sector businesses.

“The benefits of this partnership, among others, include the fact that it will bring about an increase in business in Nigeria and will provide a significant opportunity for trade promotion for importers and exporters in Nigeria and other African countries.

“This occasion is unique as it is a precursor to a rare combination of expertise. This partnership will bring forth clear value to the banking public and the society at large as it allows both institutions access into each other’s areas of strength.

“For instance, we will have the opportunity to leverage Access Bank’s trade finance expertise and extensive African coverage to deliver our acclaimed structured trade and project financing products across the continent, whilst Access Bank will be able to provide additional banking services and products to these transactions and their clients. It’s a powerful combination.”