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This article was produced with the support of Access Bank plc
During the first Access Bank Africa Trade Conference in Cape Town, South Africa, Seyi Kumapayi, Executive Director, African Subsidiaries at Access Bank plc, delivered a pressing message on the challenges which Access Bank is helping to solve for all stakeholders involved in trade in Africa in its bid to “connect the continent in trade”.
“Access Bank is at the forefront, pioneering financial solutions to try and see this growth through,” he said.
In an interview ahead of the start of the conference, Kumapayi bemoaned the fact that, despite Africa’s 1.3bn population, trade between the continent and the rest of the world is only 3%, with intra-African trade accounting for only about 16% of the continent’s total trade. Access Bank is committed to change that: to ensure that “Africa starts to trade with itself”.
“We want to use our connections in and outside Africa and, working within the African Continental Free Trade agreement, to be a gateway between Africa and the world. We are working to bridge these glaring gaps to ensure we take intra-African trade to 30% to 40% over the next couple of years.”
Empowering Africa
The conference, with the theme “Empowering Africa through Trade, Innovation and Sustainable Growth”, brought together a range of stakeholders in the trade ecosystem to encourage discussion on trade solutions and strategies to expand markets in Africa.
Delegates included small and medium enterprises (SMEs) and regional corporates, industry leaders, policymakers, importers and exporters, customs and government revenue agencies and trade financiers.
Speakers at the conference included Wamkele Mene, secretary-general of the African Continental Free Trade Area (AfCFTA); Kanayo Awani, executive vice president, intra-African trade and export development at Afreximbank; Dr Marc Auboin, counsellor, World Trade Organization; and Solomon Quaynor, vice president, private sector infrastructure and industrialisation at the African Development Bank.
Kumapayi described the event as an opportunity to make connections, share insights, and to collaborate to solve Africa’s challenges and to seek opportunities to support intra-African trade.
The three challenges
Turning to the challenge of access to capital, Kumapayi said many businesses across the continent are hamstrung because of an inability to access capital. The structure of capital is an obstacle, while the inhibiting cost of capital is often too high to enable businesses to engage competitively in business.
“How do you enhance finance for the guy in Ghana to buy from the guy in Cameroon? This problem of access to capital is a huge obstacle to trade in Africa,” he said. What is needed is a financial services sector that enables businesses to access capital to invest in growth as well as innovation, and the capacity needed to take their business to other countries. “It is up to the African banks to help create solutions.”
On access to information, Kumapayi said there are numerous businesses in Africa that do not have access to the information or business intelligence needed to make informed decisions about opportunities outside their national borders. He said the financial services sector and other stakeholders must make it a priority to share information and harness technology to ensure African businesses are able to analyse opportunities in other countries.
On the deficit of trust between trading partners, Kumapayi cited the numerous historic challenges between a number of countries in Africa, including a lack of reciprocity relating to regulations and a lack of uniformity in standards on the continent.
“When there is a lack of trust, people don’t trade with each other. These issues seriously hamper collaboration and there is a need to focus on building trust and creating a healthy climate for trade.”
Kumapayi said Access Bank has always been committed to driving economic growth and fostering sustainable development across the African continent. “Our presence now spans 24 countries, where we play a crucial role in facilitating trade, supporting both corporates and SMEs, and empowering key demographics such as women and youth. This extensive footprint enables us to foster cross-border trade, offer tailored financial solutions, and stimulate job creation, thus contributing to the broader socio-economic development of the regions in which we operate.”
Working internationally
He added that Access Bank works closely with a number of Development Finance Institutions, such as International Finance Corporation, Africa Finance Corporation and the African Development Bank. “Today, we have attracted over $2bn into Africa for long-term lending… across Africa.”
Access Bank is also committed to provide financing to enable trade beneficiation on commodities from Africa, like cocoa and crude oil. “We need to do more refining, and adding of value to raw materials in Africa, before exporting.”
Kumapayi said the conference was significant for the bank right now because Access Bank has built its business largely around trade. “We wanted to expose what we are doing and point out how working with us can help transform trade in Africa.
“Access Bank has been doing a lot of acquisitions over the last two years. We are at a point where we are consolidating. We’ve seen trade as one of the most important things to make the consolidation phase of our strategy happen.
“This conference brings people together to say that Africa is ready to trade. Access Bank can be that powerhouse to connect Africa from a trade perspective.”
He added that the conference was an opportunity to showcase Access Bank’s presence in Africa and abroad.
“We are showing the world that, wherever they want to trade, if they are our customer, we will make that connection happen.”
Expansion strategy
Turning to Access Bank’s expansion strategy across the continent and its plans for the near future, Kumapayi said: “In line with our long-term vision, Access Bank continues to focus on expanding its capabilities across the continent. Between 2025 and 2027, our strategy will be centred on consolidating our market leadership by deepening relationships with our clients, enhancing our digital banking platforms, and expanding our services in key sectors such as agriculture, technology, and energy. We are also committed to continuing our support for women and youth empowerment, which remains a cornerstone of our corporate social responsibility initiatives.
“In the near future, Access Bank will be intensifying efforts to streamline operations, optimise our resources, and ensure that our customers across Africa benefit from a seamless banking experience, while we also continue to expand our reach into emerging markets. As we grow, we are focused on creating positive, lasting impacts in the communities where we operate, driving financial inclusion, and contributing to Africa’s ongoing economic transformation.”
Kumapayi said the conference is a demonstration of the bank’s commitment to unlocking the massive potential for trade in Africa. “I am very excited about trade prospects for Africa. We can’t keep saying Africa has potential. We have to realise that potential. Because of Access Bank’s convening power, we have about 60m customers across Africa who can lead that change.
“We need to bring everybody to the table, to say Africa’s time is now. We need to take action, and today’s conference is part of that action. It’s not a conference where we just talk, but one where we agree on what must be done and ensure we follow up to ensure it’s done.”
