Access Bank Plc has announced a $60 million trade financial facility deal with British International Investment (BII), a United Kingdom’s development finance institution and impact investors in Nigeria. This facility covers five Access Bank pan-African subsidiaries. To boost trade amongst local businesses and attract capital into the country.
The announcement was made recently by Mr. Kumapayi, Executive Director of African Subsidiaries at Access Bank while the deal with Mr. Admir Imami, Director and Head of Trade and Supply Chain Finance at BII in Lagos, Nigeria.
The strategic partnership, as highlighted by Kumapayi, is significant in advancing intra-African trade, bolstering local industries, propelling economic growth, and ensuring long-term economic resilience for Africa. It also aims to make the continent more appealing for foreign investments.
The agreement, which is expected to stimulate African trade volumes by $90 million, is part of efforts to deepen BII’s commitment to bolstering financing environments in fragile economies and supports Access Bank’s strategy to strengthen continental trade.
The bank said it is aimed at providing 15 per cent of trade finance across Africa by growing the trade books of its subsidiaries, in recognising the positive ripple effects of robust trade flows on economies and livelihoods.
Commenting on the synergy, Kumapayi, said, “Access Bank is on a purposeful mission to scale intra-African trade and position the continent as a viable market for global trade. Hence, we are thrilled about the tremendous potential that this trade finance facility with the BII affords us across our pan-African subsidiaries.
“This strategic collaboration not only strengthens our import and export capabilities but also expands our resources to support local industries, especially women-owned businesses and ultimately drive economic growth.”
In his remarks, Imami, said, “Access Bank is a long-standing partner of BII’s and our new partnership is a significant step closer to narrowing the trade finance gap in Africa, particularly in countries such as the DRC and Rwanda.
“BII and Access Bank share a conviction that building the resilience of these businesses by ensuring affordable access to foreign exchange is vital to keep intra-African trade moving and support the growth of inclusive economies.” He said.