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African Export Import Bank (Afreximbank) and Woodhall Capital hosted a workshop to educate stakeholders on the benefits and applications of supply chain finance and factoring.
The one-day event, which convened corporates, financial institutions and sovereigns, served as a platform to explore the opportunities and challenges within the Payables Finance Industry in Africa’s biggest economy.
The workshop was attended by industry stakeholders, among them the key guests; Commissioner for Trade and Investment in Lagos, Mrs. Folasade Ambrose-Medebem and the representative of the Governor of the Central Bank of Nigeria (CBN), Mr. Abayomi Arogundade, deputy director, Department of Other Financial Institutions, CBN.
The workshop was followed by a joint launch of the innovative Payables Finance product, branded as ‘Afreximbank Tradelink’ in partnership with Sterling Bank.
The introduction of Payables Finance is the next stage on Afreximbank’s roadmap to promote Supply Chain Financing in Africa. The bank currently provides US Dollar and Euro financing across Africa and plans similar partnerships in other African countries while incorporating local currencies.
Arogundade highlighted the significance of the workshop, saying “The ongoing collaboration, particularly in establishing regulatory frameworks for factoring. Both institutions are committed to exploring regulatory measures to support the development of supply chain finance.”
Founder of Woodhall Capital, Mrs. Mojisola Hunponu-Wusu asserted to the Central Bank of Nigeria, the unwavering support of financial institutions towards the receivables financial industry, underscoring its growing visibility.
The chief executive officer at Woodhall Capital, Adegboyega Festus said that “we are thrilled by the overwhelming response to the workshop. The presence of guests from Lagos State and the Central Bank of Nigeria, such as Mrs. Folasade Ambrose-Medebem, further highlights the importance of collaboration in advancing the payables finance industry in Nigeria.”
