Investment

StanChart Reinforces Commitment to Africa’s Economic Transformation

BY Soko Directory Team · November 11, 2024 03:11 pm

KEY POINTS

AfCFTA aims to reshape economic landscapes by creating jobs, advancing infrastructure, and opening new avenues for the private sector. Backed by a $10 billion fund, the plan offsets tariff losses while supporting digital trade and market access across the continent.

Standard Chartered has reaffirmed its commitment to Africa’s economic transformation and fostering private sector engagement within the African Continental Free Trade Area (AfCFTA) by hosting a Treasury Leadership Forum themed “The Blueprint for Tomorrow.”

“With a presence in 11 African markets and a history spanning more than 170 years on the continent, the bank is uniquely positioned to spearhead efforts that advance intra-African trade and economic integration. The Treasury Leadership Forum aimed to empower stakeholders with strategies aligned with AfCFTA’s goals. The discussions showcased how organisations can leverage our extensive network as a connector bank and our commitment to sustainability to facilitate cross-border flows and activate new trade corridors, all supported by innovative technology,” said Makabelo Malumane, MD & Head Transaction Banking Kenya and East Africa, Standard Chartered.

The forum brought together thought leaders and industry experts to explore the transformative potential of AfCFTA, emphasising its role in strengthening high-value supply chains, implementing streamlined trade policies, and fostering an efficient payments infrastructure. The forum also provided a macro-economic overview illuminating the strategic shifts and opportunities anticipated in the near future.

Key sessions at the forum focused on the evolution of payment systems and the technological advancements reshaping treasury operations and influencing trends across the payments landscape. The sessions further highlighted how these developments can be optimised for cross-border transactions, supported by the latest research on emerging trade corridors and opportunities across the continent.

“AfCFTA aims to reshape economic landscapes by creating jobs, advancing infrastructure, and opening new avenues for the private sector. Backed by a $10 billion fund, the plan offsets tariff losses while supporting digital trade and market access across the continent. This landmark agreement marks a significant step toward economic integration and industrial growth in Africa,” said Mr Emeka Uzomba, Senior Advisor on Banking and Finance, African Union – Africa Continental Free Trade Area Secretariat.

“The opportunities for growth in African trade are immense. Although we acknowledge there are challenges to be addressed, Intra Africa Trade will grow 3.9% per annum to reach USD 140billion by 2035, while African Exports are expected to reach USD 1 Trillion by 2035. These are the opportunities we are supporting our clients to follow across African corridors. With the budding population, rich resource base and digital savviness on the continent to support Supply Chain solutions, Africa should take advantage of the positive growth trend!” said Makabelo Malumane, MD & Head Transaction Banking Kenya and East Africa, Standard Chartered.

Through significant investments in digital infrastructure and training, Standard Chartered believes that sustainable business growth cannot occur in the face of systemic inequalities. This approach underpins the bank’s strategic priority to promote balanced economic development, ensuring that its growth supports broader societal progress. By encouraging dialogue between financial leaders, policymakers, and corporate stakeholders, Standard Chartered aims to stimulate greater private sector involvement, a critical factor for AfCFTA’s success.

About Soko Directory Team

Soko Directory is a Financial and Markets digital portal that tracks brands, listed firms on the NSE, SMEs and trend setters in the markets eco-system. Find us on Facebook: facebook.com/SokoDirectory and on Twitter: twitter.com/SokoDirectory

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