Lagos Commodities Exchange to Partner with Ecobank for Seamless Trade Settlement across Africa


Sunday, October 20, 2019 03:00PM / Ecobank


The Lagos Commodities and Futures Exchange (LCFE) has indicated its readiness to partner with Ecobank to enable the seamless settlement of trades across Africa as it starts trading in a few weeks. The Managing Director of the Exchange, Akin Akeredolu-Ale stated that the Exchange needs a bank that has the required African spread and superior technology like that of Ecobank that can support it to accomplish its mandate to formalize trade across the continent. He said the Lagos Commodities and Futures Exchange is determined to give Africa trade the needed structure that will enable everyone measure and determine growth within the continent both at national and regional levels. This he noted will position Africa to compete better globally.


According to Akin Akeredolu-Ale, partnering with Ecobank will "enable us easily accomplish our vision of enabling trade across the continent. Ecobank had set up a technology that facilitates trade and currency exchange with its wide footprint across Africa and it is only natural for us to seek to partner with such an organization". He enumerated the activities of the Lagos Commodities and Futures Exchange to include providing a trading platform for the exchange of agricultural, Oil and Gas, Solid Mineral and Currency commodities 


In his comment, the Managing Director, Ecobank Nigeria, Patrick Akinwuntan stated that Ecobank's unique and large Pan-African platform positions the bank to support trade at all levels. According to Mr. Akinwuntan the Ecobank's technology platform is designed to help unlock the opportunities of the continent, through standardization across 33 countries, thereby fueling regional integration, trade and investment across borders.


Mr. Akinwuntan praised the tenacity of the initiators of the Lagos Commodities and Futures Exchange in their quest to formally trade across the continent. He assured them of Ecobank's support whilst also noting that relevant regulators will be carried along.


In his words, Akinwuntan said "the need for a commodity Exchange is long overdue and we are confident of the capacity of the Board and Management of the  Lagos Commodities and Futures Exchange to close this gap. Ecobank's approach to doing business in Africa is to create a united and integrated platform that reflects the values of Africa as a whole whilst leveraging its diverse talents and resources to tackle its common challenges and realize its immense opportunities as one market.


Further, he reiterated that "with a larger African footprint than any other bank in the world operating in West, Central East and Southern Africa, we are the only bank that spans 36 African countries, but operates a truly integrated African network. That is One unified integrated Ecobank Mobile Banking App, that works seamlessly across all 33 operating countries in Africa; One Ecobank Omni and Omnilite serving all Multinationals and SMEs in Africa; One Rapidtransfer app that breaks down country borders and allows the diaspora community send money directly to their loved ones, instantly and affordably across Africa; One Ecobank Online Banking platform that you can access easily whether you are in Abuja or Kinshasha."


Also speaking, Akintayo Dada, Executive Director, Corporate Banking said "Ecobank is determined as the Pan Africa bank to contribute to the development and advancement of the continent through financial integration with uniform world-class practices and proprietary technologies.


"Ecobank offers a comprehensive suite of digital financial services to meet the challenge of modern banking across all its business segments, which includes Consumer, Commercial and Corporate Banking.  We provide solutions that make banking more instant, affordable, convenient and accessible for everyone on the continent and beyond, from international corporations to the local consumer". He stated


Mr. Dada thanked the Lagos Commodities and Futures Exchange team for their trust in Ecobank and assured them of the bank's support.


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