Saturday 9,Nov 2024 {HMC} Top company executives in Kenya met today in Nairobi to discuss innovative strategies for expanding Kenyan businesses into regional and international markets.
The session, which was convened by the Kenya National Chamber of Commerce and Industry (KNCCI) in partnership with Ecobank Kenya, is coming at a time when Africa is gearing towards regional trade under the African Continental Free Trade Area (AfTA).
The AfCFTA will be the largest free trade area since the formation of the World Trade Organisation, given Africa’s current population of 1.2 billion people, which is expected to grow to 2.5 billion by 2050.
Some of its expected benefits include: increasing trade among African countries, which currently ranges between 15-18 per cent, stimulating production through the development of regional value chains, ensure that manufacturing, agroprocessing, and other activities across the continent are stimulated to supply the market.
It also seeks to strengthen the capacities of African companies to access and supply world markets and the continent’s commercial diplomacy.
Kenya has demonstrated robust support for intra-Africa trade initiatives aligned with the African Continental Free Trade Agreement (AfCFTA) implementation strategy, which aims to consolidate, diversify, and expand Kenyan exports across African markets.
With Ecobank’s expansive presence in 35 African countries and KNCCI’s extensive business network, this partnership aims to transform how Kenyan companies approach cross-border trade.
In a joint statement, Ecobank and KNCCI said the collaboration not only provides seamless access to verified trade partners but also strengthens Kenya’s participation in AfCFTA, which fosters intra-African trade.
Under the theme “Powering Trade across Africa,” the breakfast forum highlighted the new opportunities this partnership offers Kenyan businesses.
With the lender’s integrated payment network, companies can conduct secure, efficient cross-border transactions across 35 countries, significantly reducing costs, time, and complexity.
Through the Ecobank Single Market Trade Hub Portal, Kenyan traders gain access to over 6,000 businesses across Africa, allowing them to identify new trade partners, develop markets, and confidently expand their operations.
In addressing the key challenges that KNCCI members face in regional and international trade—such as high transaction costs, fluctuating exchange rates, limited access to trade finance, and the difficulty of finding reliable partners—this partnership will offer tailored solutions to enhance cross-border business operations.
By providing access to competitive exchange rates and customised trade finance options, Ecobank will help Kenyan businesses overcome financial barriers in regional and international trade.
Additionally, the Single Market Trade Hub Portal connects traders with verified businesses across Africa, reducing the risks and uncertainties often associated with cross-border partnerships and fostering secure, sustainable business growth.
Josephine Anan-Ankomah-Ecobank Kenya’s managing director and regional executive, said the bank’s expertise in trade finance, foreign exchange services, and cross-border payment solutions will enable businesses to efficiently manage international transactions and mitigate risks associated with cross-border trade through the Ecobank Single Market Trade Hub portal.
“Additionally, the partnership will create opportunities for businesses to connect with potential partners and investors across the region, facilitating trade deals and enhancing market access.”
KNCCI President Erick Rutto said collaboration with Ecobank allows us to address key barriers facing our members in cross-border trade and provide them with the tools needed to connect with thousands of African businesses.
“Together, we are building a pathway for Kenyan businesses to excel regionally and globally.”
SOURCE
By VICTOR AMADALA
