Ecobank Unveils ‘Single Market Trade Hub’ for Intra-African Trade

The single market trade hub has been launched by the Pan-African banking group Ecobank as part of its goal to promote intra-African trade.

A digital platform called the “Ecobank Single Market Trade Hub” (the “Trade Hub”) features 300 companies from 22 African countries as members.

The Trade Hub serves as an interchange and information repository to address the evolving trading needs of SMEs and corporations within Africa’s single market.

“AfCFTA has created an immense opportunity for African businesses. As the pan-African bank with the most extensive coverage of Africa, Ecobank is perfectly placed to provide trade, information, and payment solutions to support SMEs and corporates seeking to capitalize on the single market,” Ecobank Group Chief Executive Officer Jeremy Awori said.

“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,” Awori added.

The hub provides trade and payment solutions, MyTradeHub, and AfCFTA expertise.

As an illustration, MyTradeHub is an online marketplace that enables importers and exporters to set up company profiles, showcase their products and services, and establish connections with clients and partners around Africa.

“The AfCFTA has revolutionised the African business landscape and the Ecobank Single Market Trade Hub, within this context, is an enabler of intra-African trade through catalysing partnerships and facilitating African businesses’ access to new markets,” the Group’s Head of Trade Souleymane Diagne said.

“Combining the matchmaking capabilities of MyTradeHub, extensive AfCFTA information resources, and a seamless access to Ecobank’s comprehensive suite of financial solutions and digital channels, the Trade Hub will help businesses thrive within the AfCFTA and maximise their value-addition across regional corridors.”

According to World Bank projections, the AfCFTA will raise exports from Africa by $560 billion, increasing the continent’s GDP by 7% by 2035.

The single market, which began operation at the start of 2021, asserts to eliminate most tariffs on goods and services between African member countries and allows unrestricted trade and investment.