Ecobank Malawi moves topromote intra-Africa trade

Ecobank Malawi has unveiled what is called Ecobank Single Market Trade Hub as part of its commitment to promoting intra-African trade.

The trade hub currently has about 1 400 businesses from 35 African countries and over 60 Malawian businesses have signed onto the digital platform according to the bank.

In a statement, Ecobank Malawi says the trade hub connects traders across Africa within the 1.4 billion people single market framework of the African Continental Free Trade Area (AfCFTA).

“The Ecobank Single Market Trade Hub is a cutting-edge digital platform, which serves as an exchange and information repository designed to respond to the evolving trading needs of SMEs and corporates within Africa’s single market,” reads the statement in part.

It says the trade hub reduces the asymmetry in trade information and leverages Ecobank’s wide client base and network advantage through its presence in 35 African markets.

Speaking during the exporters training organised by Malawi Investment and Trade Centre in Blantyre speaking on Thursday, Ecobank Malawi head of trade finance Alinafe Chikudzu said AfCFTA has created an immense opportunity for African and Malawian businesses.

She said: “As a pan-African bank with the most extensive coverage of Africa, Ecobank is perfectly placed to provide trade, information and payment solutions to support small and medium enterprises [SMEs] and corporates seeking to capitalise 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.”

The Trade Hub offers an online match-making platform, enabling importers and exporters to create their company profiles, exhibit their goods and services and connect with buyers and suppliers across Africa, according to the bank.

It is also a valuable repository of knowledge and information on the AfCTA to help SMEs and corporates to familiarise themselves with the single market and ways to expand their trade into new African markets.

The World Bank estimates that the AfCFTA could increase Africa’s exports by $560 billion and boost the continent’s gross domestic product by seven percent by 2035.

The single market, which became operational in 2021, seeks to remove most tariffs on goods and services in Africa among member countries and ensures free movement of businesspersons and investments.

Caption: Chikudzu: It is a new and remarkable addition to our portfolio