Access Bank PLC recently hosted the inaugural Africa Trade Conference in Cape Town, South Africa, a landmark event that gathered industry leaders, policymakers, and trade experts to identify solutions for boosting intra-African trade and unleashing the continent’s economic potential. The conference addressed significant challenges such as limited access to capital, market information gaps, trust deficits among trading partners, and the urgent need for modernized trade infrastructure.
Roosevelt Ogbonna, the Managing Director and CEO of Access Bank, opened the conference with remarks that underscored the critical barriers hindering trade within Africa. He pointed out the pressing necessity for collaboration within the financial sector to facilitate easier access to capital and create a conducive environment for African enterprises to scale and compete on a global stage.
> “We must invest in initiatives that bring businesses together, forge trust, and create the connections necessary for trade. It’s essential to eradicate the belief that ‘Made in Africa’ is inferior to products made elsewhere. We must buy Africa, wear Africa with pride, and invest in Africa,” Ogbonna stated.
As the continent’s population is projected to rise to 2.5 billion by 2050, the African Continental Free Trade Area (AfCFTA) emerges as the most significant free trade initiative since the World Trade Organisation’s inception. By promoting economic integration, AfCFTA has the potential to transform trade dynamics within Africa, creating a unified market that enhances industrialization, boosts employment, and strengthens the continent’s competitiveness on the global stage.
H.E. Wamkele K. Mene, the Secretary-General of AfCFTA, emphasized the imperative of fully implementing the agreement to reap its immense benefits.
> “The AfCFTA is not just a trade agreement; it’s a tool for Africa’s industrialization and economic sovereignty. It can help dismantle historic trade barriers and build a self-sufficient, prosperous Africa. However, this requires our commitment to operationalizing the agreement, ensuring that all businesses, especially SMEs and women-led enterprises, have access to vital resources,” Mene expounded.
Kanayo Awani, Executive Vice President of Afreximbank, also highlighted the necessity for financing mechanisms that support African businesses as they expand into new markets.
> “Trade finance is the lifeblood of economic development. Without it, businesses cannot scale, industries cannot innovate, and Africa cannot reach its full trade potential. Our initiatives, like the Pan-African Payment and Settlement System (PAPSS), are designed to facilitate seamless transactions and strengthen intra-African trade,” Awani explained.
The conference also featured a compelling testimonial from Nathalie Louat, Global Director at the IFC/World Bank Group. She highlighted the vital role of trade finance in supporting cross-border transactions and fostering financial inclusion, while also acknowledging the longstanding partnership between IFC and Access Bank to bolster Africa’s economic resilience.
High-level panel discussions further explored strategies to dismantle trade barriers and enhance market access through innovative solutions. Representatives from leading institutions like Deutsche Bank, Traydstream, and OWP Partners delved into how improvements in infrastructure, digital solutions, and policy harmonization could stimulate economic growth and elevate intra-African trade.
Dr. Marc Auboin from the World Trade Organization (WTO) shared insights on how digital transformation is revolutionizing Africa’s supply chain, enhancing efficiency and unlocking new market opportunities. Additionally, Tanya Dos Santos-Ford from GIBS Business School led a session focused on sustainable trade practices, emphasizing the importance of environmentally responsible economic growth strategies.
The conference concluded with an awards ceremony celebrating exemplary contributions to intra-African trade and economic transformation. Companies such as Tradepass Commodities Limited (Ghana), Chemaf International FZE (DR Congo), and Harvest Group of Companies (Zambia) were recognized for impacting SMEs and women-led trading ventures. Bulkstream Limited (Kenya) and Electricidade de Moçambique (Mozambique) were honored for their strides in improving intra-African trade, while Tennant Metals South Africa Pty Ltd earned accolades as an Emerging Leader in Trade.
Other notable recognitions included the International Finance Corporation (IFC) receiving the Climate Finance Leadership Award and Afreximbank being honored as the Champion of Intra-African Trade. The African Development Bank (AfDB) and Africa Finance Corporation (AFC) were commended for their contributions to economic transformation and infrastructure financing, respectively. The prestigious African Icon Award was granted to IHS Group, Dangote Industries Limited, and MTN Group Limited for their significant contributions to Africa’s economic progress.
In closing remarks, Seyi Kumapayi, Executive Director of African Subsidiaries at Access Bank, reiterated the bank’s commitment to supporting trade finance, promoting regional integration, and advocating for policies that create favorable conditions for businesses across the continent.
### About Access Bank PLC
Access Bank PLC, a wholly owned subsidiary of Access Holdings PLC, is a premier full-service commercial bank with a vast network of over 700 branches across three continents, serving more than 60 million customers. With over 28,000 employees spread across Africa and Europe and representative offices in countries like China, Lebanon, and the UAE, Access Bank stands out as a diversified financial institution. It combines robust retail and digital banking services with deep corporate banking expertise, aiming for sustainable growth that is both profitable and socially responsible.
### About Africa Trade Conference
The Africa Trade Conference serves as a vibrant platform where industry leaders, policymakers, and stakeholders converge to shape the future of commerce across the continent. By fostering dialogue around innovative trade solutions, sustainable practices, and market-expanding strategies, the conference underscores Access Bank’s commitment to unlocking Africa’s immense economic potential. Participants engage in insightful discussions, forge strategic partnerships, and explore opportunities that drive inclusive growth, positioning Africa as a crucial player in global trade. Access Bank looks forward to welcoming industry leaders and innovators at the next edition of the Africa Trade Conference in 2025.
### About Access Bank Cameroon PLC
Access Bank Cameroon, a fully owned subsidiary of Access Bank Plc, encapsulates the legacy of Africa’s largest bank by customer numbers. Since its establishment in 2021, it has rapidly become a key player in Cameroon’s financial sector, achieving significant milestones in financial inclusion and deposit growth. With a focus on tailored solutions for corporates, SMEs, women, and youth, Access Bank Cameroon is committed to addressing the critical needs of its population while expanding access to formal banking services. The bank aims to be a leader in driving financial innovation and inclusion across Africa, enhancing trade and investment flows within the region and beyond.
