Ecobank Ready to Tap into AfCFTA Opportunities

By Adedapo Adesanya

Ecobank Nigeria has disclosed its preparedness to partner with other organisations to explore the opportunities available in the African Continental Free Trade Area (AfCFTA).

This was disclosed by the Managing Director, Ecobank Nigeria, Mr Patrick Akinwuntan, who pointed out that the pan African bank was set up primarily for the economic integration and development of Africa.

He stressed that in this capacity, the bank was ready to deploy its platform and network to achieve the AfCFTA objectives.

According to him, “Naturally for us as a pan African bank, we are set up to support the economic integration and development of Africa. We have a commitment, capacity, network to support the realization of AfCFTA objectives.

“We understand the regulatory environments, cultures and have the technology and innovation platforms. We will support Fintech to push Africa to benefit from the global market.”

On the part of AfCFTA, the Secretary-General, Mr Mene Wamkele, expressed satisfaction that Nigeria is ready to deposit the instrument of ratification of the AfCFTA, noting that he is looking forward to Nigeria’s leadership in the agreement.

He observed that for a long time, the African continent has focused on security and political issues, noting that focus is now being shifted towards trade and investment-related matters.

“Whatever decision we take at the secretariat would be informed by what Africa wants. We will not put up any design that will not support what Africa wants. We would employ digitization, and fintech will drive financial inclusion.

“We would drive trade inclusion through fintech that would be affordable, accessible, and available,” adding that “Border closure and xenophobic issues have to be addressed according to the rules of the trade agreement, foreigners have to be protected by the agreement. All foreign entities must be treated like domestic players. Discrimination of any kind that will be tolerated,” he said.

Mr Wamkele pointed out that AfCFTA has improved on the WTO requirements on trade facilitation, and we would ensure that countries meet up with their obligation to ensure smooth trade.

Due to disruptions brought about by the coronavirus pandemic which has set back negotiations on the protocol for trade in goods, including tariff concessions, AFCFTA will take off on January 1, 2021.

The free trade agreement which will utilise $3.4 trillion in trade was signed last year and was supposed to kick-off on July 1 this year but the outbreak drew back plans.