The agreement seeks to expand access to trade and finance opportunities for African businesses, with particular focus on Small and Medium-sized Enterprises (SMEs), women-led businesses, and youth entrepreneurs.
This MoU establishes a strategic framework to support the implementation of the AfCFTA, and advance the objectives of the African Union’s Agenda 2063 , “The Africa We Want”, through the development of an integrated single market of over 1.3 billion people and a combined GDP of approximately $3.4 trillion.
Building on a US$3 billion trade finance commitment
The MoU follows Ecobank Group’s landmark announcement at the recent Africa-Forward Summit in Nairobi, where the bank unveiled a US$3 billion trade finance commitment to be deployed over the next three years in partnership with Development Finance Institutions (DFIs) to support trade with and across Africa.
The partnership with the AfCFTA Secretariat will serve as an important platform for advancing the impact of this US$3 billion commitment across the continent, ensuring that African businesses — from large corporates to SMEs — are better positioned to take advantage of opportunities created under the AfCFTA Single Market.
“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, Secretary-General of the AfCFTA Secretariat.
“For 40 years, Ecobank has been built on a singular vision: to advance the economic development and financial integration of Africa,” said Mr. Michael Larbie, Group Executive, Corporate and Investment Banking at Ecobank. “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 partnership will focus on supporting SMEs to benefit from AfCFTA opportunities, closing the trade finance gap through Ecobank’s Ellevate Program for women entrepreneurs, and promoting the bank’s Single Market Trade Hub to improve trade connections across Africa.
It will also strengthen business referrals and information sharing, support policy advocacy to reduce trade barriers and improve cross-border payments, and include joint business forums and seminars to advance discussions on AfCFTA implementation.
A defining moment for African integration
The MoU comes at an important stage in the implementation of the AfCFTA, as efforts continue to remove barriers to intra-African trade, strengthen regional value chains, and create an enabling environment for sustainable, inclusive growth.
By combining the AfCFTA Secretariat’s mandate with Ecobank’s continental banking footprint and its US$3 billion trade finance commitment, the partnership is expected to support greater participation of African businesses in intra-African trade and accelerate Africa’s economic integration goals.
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