The African Continental Free Trade Area (AfCFTA) Secretariat and Ecobank Group have signed a memorandum of understanding aimed at deepening economic integration across the continent and narrowing Africa’s trade finance gap. The agreement seeks to widen access to trade and financing opportunities for African businesses, with particular focus on small and medium enterprises, women-led companies, and young entrepreneurs.
The deal builds on a $3 billion trade finance commitment Ecobank unveiled recently at the Africa Forward Summit in Nairobi, money the bank plans to deploy over the next three years alongside development finance institutions.
Partnering with the AfCFTA Secretariat will help channel that commitment toward businesses positioned to benefit from the single market’s more than 1.3 billion consumers and combined GDP of roughly $3.4 trillion.
“Access to trade and affordable financing remains essential to unlocking the full potential of AfCFTA,” said Secretary-General Wamkele Mene, adding that the partnership will help African entrepreneurs participate more fully in intra-African trade.
Ecobank executive Michael Larbie pointed to the bank’s presence in 34 African markets as a key asset for connecting businesses to markets, financing, and knowledge.
The partnership covers several priority areas: building SME capacity, promoting the Ellever program of Ecobank for women-led businesses, expanding the bank’s Single Market Trade Hub, linking buyers and sellers through shared databases, and advocating jointly for regulatory reforms that ease cross-border payments and reduce non-tariff barriers.
Officials say the collaboration marks a significant step toward realizing AfCFTA’s broader integration goals.
