Top business leaders in Kenya convened in Nairobi today to explore strategies for broadening the reach of Kenyan businesses into regional and global markets. The meeting, organized by the Kenya National Chamber of Commerce and Industry (KNCCI) and Ecobank Kenya, focused on the opportunities emerging from the African Continental Free Trade Area (AfCFTA).
The AfCFTA is poised to be the world’s largest free trade zone, with Africa’s population of 1.2 billion expected to grow to 2.5 billion by 2050. The agreement aims to increase trade among African nations, which currently stands at only 15-18%, and stimulate production through regional value chains. It also focuses on strengthening African companies’ access to international markets.
Kenya has been proactive in supporting the AfCFTA’s implementation strategy, aiming to expand and diversify its exports within the African continent. Ecobank’s extensive presence across 35 African countries and KNCCI’s vast business network are seen as key to transforming how Kenyan companies navigate cross-border trade.
A statement issued by both Ecobank and KNCCI highlighted the seamless access to verified trade partners and improved participation in AfCFTA’s objectives. The breakfast forum, held under the theme “Powering Trade Across Africa,” introduced Kenyan businesses to new opportunities, such as Ecobank’s secure and efficient cross-border transaction platform across 35 countries.
Through the Ecobank Single Market Trade Hub Portal, Kenyan companies can connect with over 6,000 businesses across Africa, facilitating new partnerships and market expansion. This collaboration aims to tackle challenges such as high transaction costs, exchange rate fluctuations, and limited trade finance access, offering solutions to enhance cross-border business activities.
Ecobank’s trade finance expertise and competitive exchange rates are designed to reduce financial barriers for Kenyan businesses involved in regional and global trade. The partnership offers tailored solutions to ease the complexities of international business transactions and ensure secure growth through reliable partnerships.
Josephine Anan-Ankomah, Ecobank Kenya’s managing director, emphasized the bank’s role in enabling businesses to manage cross-border risks and access regional investors. KNCCI President Erick Rutto expressed confidence that the partnership would provide Kenyan businesses with the tools to succeed in both African and global markets.
