Over 300 businesses from 22 countries join the Ecobank Single Market Trade Hub, facilitating trade within the African Continental Free Trade Area.
Ecobank Group, a leading pan-African bank, has introduced the Ecobank Single Market Trade Hub, a cutting-edge digital platform connecting over 300 businesses from 22 countries. The Trade Hub serves as an exchange and information repository, empowering small and medium-sized enterprises (SMEs) and corporates to capitalize on the vast opportunities within Africa’s single market, established under the African Continental Free Trade Area (AfCFTA).
Jeremy Awori, CEO, 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.”
Ecobank – Connecting traders across Africa’s single market
The Ecobank Single Market Trade Hub has emerged as a game-changer for trade in Africa, fostering connectivity among traders operating within the African Continental Free Trade Area (AfCFTA). As the single market framework encompasses 1.4 billion people, the Trade Hub creates a platform for businesses, both SMEs and corporates, to expand their reach and engage with potential partners across borders.
Expanding opportunities for SMEs and corporates
The Ecobank Single Market Trade Hub, designed as a digital platform, addresses the evolving trading needs of SMEs and corporates within Africa’s single market. With a wide client base and an extensive network spanning 35 African markets, Ecobank leverages its strength and expertise to reduce trade information asymmetry. This provides businesses with valuable insights and opportunities to capitalize on the single market.
Essential features and services
According to the bank, the Trade Hub offers a range of essential features and services designed to enhance trade within the African Continental Free Trade Area.
The online match-making platform enables importers and exporters to create company profiles, exhibit their goods and services, and connect with buyers and suppliers across Africa. By utilizing MyTradeHub, businesses can expand their market presence and forge profitable partnerships within the continent.
The Trade Hub serves as a repository of knowledge and information on the African Continental Free Trade Area. SMEs and corporates can access this wealth of resources to familiarize themselves with the single market and explore new African markets for trade expansion.
Through the Trade Hub, businesses gain seamless access to Ecobank’s suite of financial products and digital solutions. This includes trade finance and services, cash management solutions, domestic and cross-border payments, investment banking, Capex financing, and more. The Trade Hub acts as a gateway to streamline and optimize businesses’ trade and payment processes.
AfCFTA’s economic potential
The World Bank estimates that AfCFTA will increase Africa’s exports, boost the continent’s GDP by 9% by 2035 and raise income by 7%. The single market became operational at the beginning of 2021, it aims to eliminate most tariffs on goods and services among member countries while promoting the free movement of businesspersons and investments.
Souleymane Diagne, Group Head Trade, Ecobank Group, said, “The AfCFTA has revolutionized the African business landscape and the Ecobank Single Market Trade Hub, within this context, is an enabler of intra-African trade through catalyzing 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 maximize their value-addition across regional corridors.”
AeTrade Group recently held a session at the UNECA focusing on accelerating job creation, digital inclusion, and financial accessibility. The Group launched its digital marketplace platform Sokokuu in 2020.