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Afreximbank expands trade finance intermediary initiative, lists eight Nigerian banks

Afreximbank expands trade finance intermediary initiative, lists eight Nigerian banks
December 16
14:29 2020

The African Export-Import Bank (Afreximbank) has increased the number of its trade finance intermediaries (TFIs) to more than 65 in 30 African countries.

The listed Nigerian banks include Access, FCMB, Fidelity, First Bank, Sterling, Union Bank, Stanbic IBTC and Zenith.

In a statement on Tuesday, the bank said the initiative was a key component of its business model which enables a smoother delivery of schemes and credit solutions.

“In line with its charter and mandate, Afreximbank delivers its products and services with and through central banks, commercial banks and other eligible bank and non-bank financial institutions,” the statement read.

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“The Trade Finance Intermediaries also act as local administrative agents for Afreximbank’s facilities. The Bank has put in place the Trade Finance Intermediary initiative to establish lasting relationships with these partner financial institutions.”

It noted that new guidelines for appointing TFIs were introduced  in 2017 which enabled the bank reach eligible exporters and importers in Africa and beyond.

TFIs, Afreximbank explained, are accredited after meeting rigorous criteria then trained to understand the bank’s mandate, strategy, process, and procedures.

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According to Afreximbank, the expansion of TFIs served to enlarge the accredited network of financial institutions that can work alongside the bank to facilitate the transformation and development of trade across Africa.

“Trade Finance Intermediaries are also instrumental in helping to ensure the success of Afreximbank’s initiatives such as the newly launched MANSA repository platform – which provides a centralised pan-African source for Due Diligence and Know-Your Customer data – and the Pan African Payment and Settlement System (PAPSS), which will enable intra-African trade and commerce payments to be made in African currencies in furtherance of the goals of the African Continental Free Trade Agreement (AfCFTA),” Afreximbank said.

 

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