Cairo – In a significant development that promises to revolutionize supply chain financing in Africa, the African Export-Import Bank (Afreximbank) and Fiducia, a supply chain financing company, have formalized their collaboration through a Memorandum of Understanding (MoU). The partnership aims to promote factoring across the continent and bridge the supply chain finance gap.
The MoU, signed by Kanayo Awani, Executive Vice President of Intra-African Trade Bank at Afreximbank, and Imohimi Aig-Imoukhuede, CEO of Fiducia, establishes a framework for cooperation and coordination to achieve their shared objectives.
Under the terms of the MoU, Afreximbank will work in partnership with Fiducia to provide additional liquidity for trade facilitation through factoring on the Fiducia marketplace. The bank will also explore opportunities for collaboration with Fiducia and Access Corporation for payables financing across various African markets.
Expressing his views on the partnership, Mr. Aig-Imoukhuede, CEO of Fiducia, highlighted the benefits that the collaboration between Fiducia and Afreximbank would bring to SMEs. He emphasized the positive impact on the Nigerian supply chain financing landscape, which would involve on-lending to financiers, including both banks and non-bank factors, for use on the Fiducia marketplace platform. This approach aims to reduce funding costs on the platform, strengthen suppliers and buyers, and promote the availability of capital to facilitate trade. Furthermore, the partnership envisions extending similar marketplace benefits to micro, small, and medium enterprises (MSMEs) across the African continent.
Mrs. Awani, the Executive Vice President of Afreximbank, described the collaboration with Fiducia as a significant stride forward in the bank’s ongoing efforts to promote factoring as a means to address the trade finance gap, particularly for SMEs in Africa.
“SMEs contribute significantly to economic output and employment generation in Africa. Improved access to bank financing will enhance the growth of this vital segment. Involving emerging factors in the financing arrangement will also bolster factoring capacity across the continent, aligning with Afreximbank’s vision of Transforming Africa’s Trade,” Mrs. Awani commented.
The partnership between Afreximbank and Fiducia holds great potential to reshape supply chain financing in Africa, enabling increased access to capital for businesses, fostering economic growth, and promoting trade across the continent. By leveraging their respective expertise and resources, the two organizations aim to empower SMEs and enhance the overall trade finance landscape in Africa, aligning with the broader objectives of economic transformation and development.
 and Fiducia, a supply chain financing company, have formalized their collaboration through a Memorandum of Understanding (MoU).){kind=link}