The African Continental Free Trade Area Secretariat (AfCFTA) and Ecobank Group have signed a memorandum of understanding aimed at expanding access to trade finance and accelerating intra-African commerce, as the continent pushes to deepen economic integration under the AfCFTA framework.
The agreement seeks to support African businesses, particularly small and medium-sized enterprises, women-led firms and youth entrepreneurs, by improving access to financing, trade information and cross-border market opportunities.
The partnership builds on Ecobank’s recently announced $3 billion trade finance commitment, unveiled at the Africa Forward Summit in Nairobi, which the lender plans to deploy over the next three years in partnership with development finance institutions to support trade within Africa.
The AfCFTA Secretariat said the agreement establishes a strategic framework to support implementation of the continental free trade pact and advance the African Union’s Agenda 2063 development goals through a single African market spanning more than 1.3 billion people with a combined gross domestic product of about $3.4 trillion.
“Access to trade and affordable finance remains critical to unlocking the full potential of the AfCFTA. Through this partnership with Ecobank, we are strengthening the support available to African businesses, particularly SMEs, women-led enterprises, and young entrepreneurs, to enable greater participation in intra-African trade and value chains across the continent,” said Wamkele Mene.
“For 40 years, Ecobank has been built on a singular vision: to advance the economic development and financial integration of Africa,” said Michael Larbie. “With our unmatched presence across 34 African markets and our digital capabilities, we are uniquely positioned to serve as a catalyst for the AfCFTA. This MoU formalises our commitment to connecting African businesses to the markets, finance, and knowledge they need to thrive.”
The two organisations said the partnership will focus on capacity building for SMEs, reducing the trade finance gap, improving market information flows and supporting policy advocacy to remove barriers affecting cross-border commerce and payments.
The agreement also seeks to promote Ecobank’s Ellevate Program, which provides financial and advisory support for women entrepreneurs and women-focused businesses across formal and informal sectors.
The companies plan to leverage Ecobank’s continental banking network and the AfCFTA trading companies database to connect buyers, sellers and trade associations across the continent, while jointly organising business forums and policy discussions tied to AfCFTA implementation.
The deal comes as African governments and financial institutions intensify efforts to address longstanding barriers to intra-African trade, including limited access to financing, fragmented payment systems and weak regional supply chains, which have constrained the pace of economic integration despite the launch of the AfCFTA single market.
