This partnership builds on Ecobank Group’s recent commitment of $3 billion USD to trade financing, to strengthen the industrialization and economic integration of the continent
The African Continental Free Trade Area (AfCFTA) Secretariat and Ecobank Group announced today the signing of an agreement aimed at enhancing the economic integration of the continent and reducing the trade finance gap in Africa.
This agreement aims to expand African businesses’ access to trade and financing opportunities, with a particular focus on small and medium-sized enterprises (SMEs), women-led businesses, and young entrepreneurs.
This agreement establishes a strategic framework to support the implementation of the AfCFTA and advance the goals of the African Union’s Agenda 2063, “The Africa we want,” through the development of an integrated single market of over 1.3 billion consumers, representing a combined GDP of approximately $3.4 trillion USD.
A partnership supported by a $3 billion USD trade financing commitment
This agreement follows the major announcement made recently by Ecobank Group at the Africa Forward Summit in Nairobi, where the bank unveiled a $3 billion USD commitment to trade financing, which will be deployed over the next three years in partnership with development finance institutions (DFIs), to support trade with and across Africa.
The partnership with the AfCFTA Secretariat will serve as an important platform to enhance the impact of this $3 billion USD commitment across the continent, ensuring that African businesses, from large corporations to SMEs, are better positioned to take advantage of the opportunities created within the AfCFTA single market.
“Access to trade and affordable financing remains essential to unlock the full potential of the AfCFTA. Through this partnership with Ecobank, we are strengthening support for African businesses, especially SMEs, women-led businesses, and young entrepreneurs, to foster greater participation in intra-African trade and value chains across the continent,” said H.E. Wamkele Mene, Secretary-General of the AfCFTA Secretariat.
“Through this partnership with Ecobank, we are mobilizing the financial power and pan-African reach necessary to translate the promise of the Single Market into tangible opportunities for our entrepreneurs, businesswomen, and small and medium-sized enterprises,” said H.E. Wamkele Mene, Secretary-General of the AfCFTA Secretariat.
“For 40 years, Ecobank has pursued a clear vision: promoting the economic development and financial integration of Africa,” said Mr. Michael Larbie, Executive Director of Ecobank Group’s Corporate and Investment Bank.
“With our significant presence in 34 African markets and digital capabilities, we are uniquely positioned to act as a catalyst for the AfCFTA. This agreement formalizes our commitment to connect African businesses to the markets, financing, and knowledge they need to thrive.”
Key areas of cooperation
The partnership will focus on the following priority areas:
- Enhancing SME capacity
Equipping African businesses with the skills, tools, and networks needed to leverage the opportunities created by the AfCFTA. - Reducing the trade finance gap
Joint promotion of Ecobank’s Ellevate program, an initiative dedicated to supporting women entrepreneurs and businesses led, owned, or focused on women, in formal and informal sectors, through tailored financial and non-financial solutions, including capacity building. - Single Market Trade Hub platform
Positioning Ecobank’s trade platform as a key tool to reduce information asymmetry among trade actors across the continent and foster strategic partnerships with similar platforms globally. - Business matchmaking and information sharing
Utilizing the AfCFTA business database and Ecobank’s continental network to connect buyers, sellers, and professional associations. - Policy and regulatory advocacy
Joint actions with regulators and stakeholders to remove non-tariff barriers and reduce frictions related to cross-border payments. - Thought leadership and events
Co-organizing high-level panels, seminars, and business forums to foster dialogue around AfCFTA protocols.
A pivotal step for Africa’s economic integration
This agreement comes at a crucial stage in the implementation of the AfCFTA, as efforts continue to remove barriers to intra-African trade, strengthen regional value chains, and create an enabling environment for sustainable and inclusive growth.
By aligning the mandate of the AfCFTA Secretariat with Ecobank’s continental banking presence and its $3 billion USD trade financing commitment, this partnership is expected to support greater participation of African businesses in intra-African trade and accelerate the achievement of Africa’s economic integration goals.
