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AfCFTA: Ecobank positioned for seamless payments

THE Group Chief Executive Officer, Ecobank Transnational Incorporated (ETI), Ade Ayeyemi, has affirmed that the Pan-African banking group is facilitating payments across Africa as countries start the implementation of the African Continental Free Trade Area Agreement (AfCFTA).

Ayeyemi, who stated this during an interview with reporters, pointed out that Ecobank has been able to effect international payments across the 33 countries where it operates on the continent through its Rapid Transfer platform.

He reiterated that the bank’s platform could be scaled to accommodate other African countries under the AfCFTA based on their regulations.

According to the Ecobank Group chief, the banking group is one of the key supporters of the AfCFTA, which he believes will be of great benefit to the continent and customers of the bank.

He said: “With this Pan-African exposure, the governments and our customers will re-evaluate their businesses to efficiently take charge of bigger opportunities.

“So, if you manufacture goods in Aba for the Nigerian market, you can now start thinking of how to expand your manufacturing capacity to export across West Africa and also other African countries, not just looking at Nigeria as a market alone.

“And as you change your demand forecast, you need to improve your capacity to produce and that will mean importing new machinery to expand your manufacturing base, develop bigger market and hire more people.”

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