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Monday, November 02,
2020 / 08:00AM / Ecobank / Header Image Credit: Ecobank
The
Managing Director, Ecobank Nigeria, Patrick Akinwuntan has said the bank is
prepared to partner with other organizations to explore the opportunities
available in the African Continental Free Trade Area (AfCFTA). Akinwuntan in his remark at an event in Lagos
pointed out that the pan African bank was set up primarily for the economic
integration and development of Africa, stressing that the bank was ready to
deploy its capacity, platform and network to achieve the AfCFTA objectives.
According
to him, "Naturally for us as a pan African bank, we are set up to support the
economic integration and development of Africa. We have a commitment, capacity,
network to support the realization of AfCFTA objectives. We understand the
regulatory environments, cultures and have the technology and innovation
platforms. We will support Fintech to push Africa to benefit from the global
market."
Also speaking, AfCFTA, Mene Wamkele expressed
satisfaction that Nigeria is ready to deposit the instrument of ratification of
the AfCFTA, noting that he is looking forward to Nigeria’s leadership in
AfCFTA.
He
observed that for a long time the African continent has focused on security and
political issues, noting that focus is now being shifted towards trade and
investment-related matters.
"Whatever
decision we take at the secretariat would be informed by what Africa wants. We
will not put up any design that will not support what Africa wants. We would
employ digitization, and fintech will drive financial inclusion. We would drive
trade inclusion through fintech that would be affordable, accessible, and
available," adding that "Border closure and xenophobic issues have to be
addressed according to the rules of the trade agreement, foreigners have to be
protected by the agreement. All foreign entities must be treated like domestic
players. Discrimination of any kind that will be tolerated. AfCFTA has improved
on the WTO requirements on trade facilitation, and we would ensure that
countries meet up with their obligation to ensure smooth trade," Wamkele
pointed out.
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