Afreximbank set to address access to finance for SMEs

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Afreximbank to address access to finance for SMEs

By Lucy Ogalue

The African Export-Import Bank (Afreximbank) says ‘factoring’, a form of financial transaction, is a viable and sustainable solution that will address access to finance for Africa’s  Small and Medium Enterprises (SMEs).

Ms Kanayo Awani, Managing Director of the Intra-African Trade Initiative at Afreximbank, said this in a statement by Afreximbank’s Head of Media,  Mr Obi Emekekwue, on Monday in Abuja. 

Factoring is also a type of debtor finance in which a business sells its accounts receivable to a third party called a factor at a discount.

Emekekwue said the bank’s managing director spoke at a factoring promotion conference in Gaborone. 

According to Awani, access to affordable  finance hinders the growth of Africa’s SMEs and Factoring, a form of trade finance will  provide a solution to address the SMEs financing gap.

She said that it would help innovative SMEs to grow and also support…



Source: News Agency of Nigeria