Three Critical Challenges To Overcome For Trade In Africa

During the first Access Bank Africa Trade Conference in Cape Town, South Africa, Seyi Kumapayi, Executive Director, African Subsidiaries at Access Bank plc, delivered a pressing message on the challenges which Access Bank is helping to solve for all stakeholders involved in trade in Africa in its bid to "connect the continent in trade".

"Access Bank is at the forefront, pioneering financial solutions to try and see this growth through," he said.

In an interview ahead of the start of the conference, Kumapayi bemoaned the fact that, despite Africa's 1.3bn population, trade between the continent and the rest of the world is only 3, with intra-African trade accounting for only about 16 of the continent's total trade. Access Bank is committed to change that: to ensure that "Africa starts to trade with itself".

"We want to use our connections in and outside Africa and, working within the African Continental Free Trade agreement, to be a gateway between Africa and the world. We are working to bridge these glaring gaps to ensure we take intra-African trade to 30 to 40 over the next couple of years."

The conference, with the theme "Empowering Africa through Trade, Innovation and Sustainable Growth", brought together a range of stakeholders in the trade ecosystem to encourage discussion on trade solutions and strategies to expand markets in Africa.