The African Continental Free Trade Area (AfCFTA) is gaining momentum as banks increasingly step in to finance cross-border trade across the continent. Despite the launch of the AfCFTA, intra-African trade remains alarmingly low, accounting for only about 16% of total trade. This low figure highlights a significant challenge for economic transformation in Africa, as the continent faces a paradox of having immense trade potential that is yet to be fully realized.

During the recent Access Bank Africa Trade Conference held in Cape Town, stakeholders including policymakers, bankers, and trade experts gathered to discuss strategies for moving from theoretical frameworks to practical results in increasing intra-Africa trade. The conference specifically aimed to address the enduring challenge of low intra-regional trade levels and the need for innovative financial solutions to enhance commercial activity among African nations. Access Bank, as a key player in the banking sector, emphasized its role in providing the financial tools necessary to foster this growth.

The executive director for African subsidiaries at Access Bank, Seyi Kumapayi, underscored the importance of this venture by stating that the ongoing initiatives are crucial for unlocking Africa's vast economic potential. As banks drive efforts to facilitate cross-border transactions and trade financing, future conferences and collaborative efforts are expected to reinforce the significance of banking's role in supporting broader economic goals under the AfCFTA framework. This could be pivotal in significantly boosting intra-African trade and ultimately advancing the continent's economic landscape.