AfCFTA: Bank chief urges Africa to grow trade finance

Managing Director, Coronation Merchant Bank,  Mr Banjo Adegbohungbe, has charged member states in Africa Continental Free Trade Area (AfCFTA) leverage resources and synergies grow the continent’s trade finance globally.

Adegbohungbe, in a statement on Tuesday, said the charge was pertinent not just for the benefit of the African continent but for global trade.

The Coronation Bank MD noted that the emergence of the COVID-19 pandemic had led rapid changes in the international trade landscape.

He stated that the expansion of intra-African trade via the was a critical enabler for the economy.

“From supply chain disruptions higher logistics cost the adoption of digital platforms, the landscape has continued evolve.

“More than ever before, oganisations have been faced with multiple challenges while trying meet their strategic objectives.

“As Africa continues on its journey economic recovery, it must look inwards and strive leverage the resources and synergies in growing trade finance not just for the benefit of Africa but for the whole world,” he said.

Also, Mr Demola Adekoya, its Head of Corporate Banking, said that the bank had decided enlighten its clients on ways navigate the uncertain times due the new reality which enveloped the world.

According him, the bank through its interactive session initiative will provide a platform create significant value for customers around major issues that impact business objectives.

“We have chosen focus this initiative around the potentials and opportunities within the so as to  explore the opportunities and provide winning insights for corporates on how strategically position themselves take advantage of the trade agreement,” he said. (NAN)