KNCCI Mombasa in collaboration UBA Bank hosted a members sensitization forum to discuss the opportunities presented by intra-Africa trade.
In his presentation the CEO of UBA Bank Kenya Mr.Chike Isiuwe alluded to the fact that UBA Bank understands that international trade is an ever-evolving business and that they understand the complexities of the global market. Their products and services have been designed to ease banking needs at any of their locations in 20 African countries, the UK, France, and the USA.
Trade between African countries, or intra-African trade, is growing at a substantial rate: from 1995 to 2017, the share of intra-African exports as a percentage of total African exports rose from 10% to 17%, due to regional integration, economic diversification, improvements in infrastructure and new trade agreements. Without question, the most promising driver of intra-African trade is the recent commencement of the African Continental Free Trade Area (AfCFTA) on January 1, 2021, establishing the largest free-trade area in the world by connecting 54 of the 55 African Union nations.
As intra-African trade continues to grow throughout the continent, due in large part to the commencement of the AfCFTA, Pan-African banks will play an increasingly important role through the introduction of modern banking products to the complex trading environment.
