FG Lauds Ecobank’s Efforts to Boost Trade in West Africa

By Ashemiriogwa Emmanuel

The federal government has applauded Ecobank for making efforts to boost trade in West Africa, calling on other stakeholders to join forces to make the sub-region a formidable force on the continent.

The Minister of Industry, Trade and Investment, Mr Niyi Adebayo, who gave this commendation at an event held recently, expressed optimism that a sustained collaboration with the organized private sector would enrich and improve commerce and the economy of nations in West Africa.

Mr Adebayo was a special guest of honour at a webinar organised by the Lagos Chamber of Commerce and Industry (LCCI) to commemorate the 46th anniversary of the Economic Community of West African States (ECOWAS) on Monday.

Also speaking at the virtual event, the LCCI president, Mrs Toki Mabogunje, explained that the forum was put in place to explore the opportunities and challenges of economic integration for stakeholders and for ECOWAS member states.

She said through the programme, the LCCI hopes to examine the various trade policies, intra-regional commerce, smooth integration between member states and potential markets with borderless opportunities.

Mrs Mabogunje assured that her organisation will continue to partner with ECOWAS institutions to actualize its objective of creating wealth, ensuring economic integration, and staying committed to peace and development.

In his contribution, the Managing Director of Ecobank Nigeria, Mr Patrick Akinwuntan, reiterated that the Pan African bank has maintained the status of being the payment gateway for Africa.

He noted that Ecobank was present in all ECOWAS member states and will continue to encourage trade and economic activities through its wide pan-African network by utilizing its knowledge, footprint, and payment channels.

“We have a platform that leverages technology which enables businesses within ECOWAS to operate as one market.

“In terms of payment and collection, we have just one banking platform that serves an entire industry. If you are an individual and you open an account and get our mobile app, you have access to the 33 countries where we operate, and you can transact across these countries.

“It is a payment switch that ensures payment without going through ‘Swift’ but ensures instant value across the network.

“For businesses, we have Omni platform, which is a web-based payment platform that enables you to first see your position across the 33 countries and make instant payment,” Mr Akinwuntan said.