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Ecobank MD says AfCFTA’s success depends on financial services, gives reasons

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Ecobank

The Managing Director, Ecobank Nigeria, Patrick Akinwuntan, disclosed that the success of the African Continental Free Trade Area (AfCFTA) will depend heavily on the financial services industry’s ability to facilitate the liberalisation process.

Akinwuntan disclosed this in a statement titled ‘Banks are pivotal to the success of AfCFTA on Sunday, December 20.

The director was quoted to have made the statement this during a webinar, titled ‘Exploring Nigeria’s readiness for the African Continental Free Trade Area’, organised by Deloitte.

According to him, the banking industry in Nigeria was ready for the implementation of the AfCFTA and it would be responsible for facilitating transactions, mobilizing.

He added that the allocating capital funds and monitoring managers so that the funds allocated would be utilised as envisaged, as well as managing risks.

The statement read in part:  “Nigerian banks have strong capital and their operating synergies have been tremendous for the past five years, particularly in the digital banking space.

“Nigeria is a leading player on the continent in payments required to facilitate trade; mobilisation of savings required to galvanise the economy; focus on the SME segment, which is the largest employer of labour, especially in the critical industries such as agriculture, as Africa is a continent that is rich in commodities; education of our teeming population and health.”

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