Wema Bank, Nigeria’s leading innovative bank, is deepening pan-African trade services for its customers through its bilateral partnership agreement with Bank of Africa Group (BOA).
The partnership agreement, which was announced on October 14, 2019, by Mr Ademola Adebise, MD/CEO of Wema Bank Plc and Mr Amine Bouabid, CEO of BOA, is aimed at enhancing the relationship between both banks and delivering sustainable and value-adding support for business growth and profitability across the continent.
Through the partnership, both banks will gain an opportunity to promote bilateral trade services which will include Import and Export services, Bonds and Guarantees, and Structured Finance collaborations.
In keeping with the tenets of the partnership agreement, activities around corresponding banking, trade facilitation and remittances will kickstart between Wema Bank and BOA Ghana.
This opportunity will also envisage the full implementation of Africa Continental Free Trade Agreement (AfCFTA), with a focus on the manufacturing, power and agriculture sectors, as well as Nigerian business community in Ghana, Wema Bank customers in Nigeria can now trade and make remittances seamlessly with BOA customers in Ghana.
According to Mr Adeola Ajai, Head Global Trade and Correspondent Banking, Wema Plc, “the partnership with BOA will help facilitate business activities across the African continent, offer better and more competitive pricing to support customers and execute transactions faster" to customers looking to take their businesses beyond borders.”
Mr Ajai also added that the subsequent phase of the partnership will be to sign a sub-agreement with 16 other BOA affiliated locations across Anglophone and Francophone African countries, 6 of which are in West Africa (Benin, Burkina Faso, Ivory Coast, Mali, Togo and Senegal), 7 in East Africa and the Indian Ocean region (Burundi, Djibouti, Ethiopia, Madagascar, Rwanda, Tanzania and Uganda) as well as in the Democratic Republic of Congo.
Significantly, this opportunity opens a window for African businesses to trade with their Chinese partners through the BOA/BMCE branch office in Shanghai, mainland China. BMCE, Banque Marocaine du Commerce Exterieur of Morocco is the leading shareholder in BOA.
As stipulated in the partnership agreement, Mr Ajai adds that Wema Bank will not only back its clients with businesses that have cross border transactions in Africa, the Bank will play an advisory role for import and export trade services.
Wema Bank remains committed to the provision of innovative value propositions that offer better pricing, simplicity and reduced turnaround time to help its customers and potential customers take their businesses beyond borders.