Bankers Doing Business in Africa Have to Be Adaptive and Responsive to the Needs of the Continent, Says Afreximbank President

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Afreximbank President Dr. Benedict Oramah had said that bankers doing business in Africa have to be adaptive and responsive to the needs of the continent and to the region’s evolving operating environment.

Speaking at the recently-concluded Advanced Structured Trade Finance Seminar and Workshops organized by the African Export-Import Bank (Afreximbank), he added that African bankers and banks should, therefore, be prepared for the rapidly changing business environment.

The African Export-Import Bank (Afreximbank) is the foremost pan-African multilateral financial institution devoted to financing and promoting intra and extra-African trade.

Referring to the role of technology in supply chain finance, he stated that blockchain technology, artificial intelligence and the spread of mobile payments had implications on the skills, technology and regulatory framework that would govern trade financing into the future.

In a statement issued earlier this month, Dr. Oramah identified data as an emerging new commodity class and argued that the “entity that controls data is the entity that controls the world”.

Days three and four of the Seminar featured workshops with discussions on instruments, such as reverse factoring, and on mechanisms like financial intermediaries, which could promote and support the growth of small and medium enterprises across Africa.

 

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