Kenya’s top business leaders gathered today in Nairobi to explore strategies for expanding Kenyan businesses’ access to regional and global markets.
Kenya’s top business leaders gathered today in Nairobi to explore strategies for expanding Kenyan businesses’ access to regional and global markets. The meeting, organized by the Kenya National Chamber of Commerce and Industry (KNCCI) and Ecobank Kenya, focused on the opportunities arising from the African Continental Free Trade Area (AfCFTA).
The AfCFTA, which is expected to make Africa’s population grow from 1.2 billion to 2.5 billion by 2050, is preparing to become the world’s largest free trade area. The agreement aims to increase trade between African countries, which currently stands at only 15-18%, and promote 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 across the continent. Ecobank’s extensive presence in 35 African countries and the broad business network of KNCCI are seen as key to transforming how Kenyan businesses drive cross-border trade.
A statement issued by both Ecobank and KNCCI emphasized the importance of seamless access to verified trade partners and improving participation in AfCFTA’s goals. The breakfast forum, held under the theme “Strengthening Trade in Africa,” introduced Kenyan businesses to new opportunities, such as Ecobank’s secure and efficient cross-border transaction platform across 35 countries.
Through Ecobank’s Single Market Trade Centre Portal, Kenyan businesses 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, currency fluctuations, and limited trade finance access, while improving cross-border business activities.
Ecobank’s trade finance expertise and competitive exchange rates are designed to reduce financial barriers for Kenyan businesses engaged in regional and global trade. The partnership offers tailored solutions to ease the complexities of international transactions and ensure safe growth through reliable partnerships.
Ecobank Kenya’s CEO, Josephine Anan-Ankomah, highlighted the bank’s role in helping businesses manage cross-border risks and reach regional investors. KNCCI President Erick Rutto expressed confidence that this partnership would provide Kenyan businesses with the tools needed to succeed in both African and global markets.
