At the first-ever Access Bank Africa Trade Conference in Cape Town, South Africa, a critical conversation unfolded about the hurdles preventing Africa from reaching its full trade potential.
Seyi Kumapayi, Executive Director of African Subsidiaries at Access Bank plc, identified three key obstacles that must be addressed for the continent to make significant progress in trade: the high cost of capital, limited access to information, and a lack of trust among trading partners.
Despite Africa’s vast population of 1.3 billion, the continent’s trade with the rest of the world remains at a mere 3%, while intra-African trade accounts for only about 16% of total transactions.
Kumapayi stressed the urgency of changing this narrative, emphasizing Access Bank’s commitment to ensuring that “Africa starts to trade with itself.”
He highlighted the bank’s vision of leveraging its connections across the continent and beyond, working within the African Continental Free Trade Area (AfCFTA) framework to boost intra-African trade to 30-40% in the coming years.
During the conference, which focused on “Empowering Africa through Trade, Innovation and Sustainable Growth,” industry leaders, policymakers, trade financiers, importers, exporters, and SMEs gathered to explore strategies for expanding markets.
Among the distinguished speakers were Wamkele Mene, Secretary-General of the AfCFTA; Kanayo Awani, Executive Vice President of Intra-African Trade and Export Development at Afreximbank; Dr. Marc Auboin, Counsellor at the World Trade Organization; and Solomon Quaynor, Vice President of Private Sector Infrastructure and Industrialization at the African Development Bank.
Kumapayi described the gathering as a platform for meaningful connections, insightful discussions, and collaborative efforts to unlock Africa’s trade potential.
Addressing the first major challenge—access to capital—Kumapayi pointed out that many businesses across Africa struggle to secure the funding needed to grow and compete effectively.
High financing costs and structural limitations often leave them unable to engage in cross-border trade.
“How do you enhance finance for the guy in Ghana to buy from the guy in Cameroon? This problem of access to capital is a huge obstacle to trade in Africa,” he stated, emphasizing the need for African banks to step up and develop innovative financial solutions to support businesses.
Equally concerning is the lack of access to critical information.
Many businesses operate within their national borders, unaware of opportunities beyond them due to insufficient data and market intelligence.
Kumapayi stressed that financial institutions and other stakeholders must prioritize the dissemination of trade-related information and leverage technology to bridge this gap.
Without access to accurate, real-time insights, businesses cannot make informed decisions about cross-border trade opportunities.
The third major hurdle is the deep-rooted issue of trust, or rather, the lack of it among African traders.
Historical challenges, regulatory inconsistencies, and differing standards across countries create significant barriers to collaboration.
“When there is a lack of trust, people don’t trade with each other. These issues seriously hamper collaboration, and there is a need to focus on building trust and creating a healthy climate for trade,” Kumapayi noted.
Access Bank has long been committed to fostering economic growth and sustainable development across the continent.
With a presence in 24 countries, the bank plays a pivotal role in facilitating trade, supporting both SMEs and large corporations, and empowering key demographics such as women and youth.
Its extensive footprint allows it to drive cross-border trade, offer customized financial solutions, and stimulate job creation, ultimately contributing to Africa’s broader socio-economic development.
Beyond its internal efforts, Access Bank actively collaborates with major Development Finance Institutions, including the International Finance Corporation (IFC), Africa Finance Corporation, and the African Development Bank.
“Today, we have attracted over $2bn into Africa for long-term lending… across Africa,” Kumapayi revealed.
The bank is also dedicated to financing value addition in key commodities such as cocoa and crude oil, reinforcing the need for Africa to refine and process its raw materials before exporting.
With trade being a fundamental pillar of its business strategy, Access Bank sees this conference as a pivotal moment.
“We wanted to expose what we are doing and point out how working with us can help transform trade in Africa,” Kumapayi explained.
He acknowledged the bank’s aggressive expansion over the past two years through multiple acquisitions and emphasized that consolidating its operations is now a priority.
“We’ve seen trade as one of the most important things to make the consolidation phase of our strategy happen.”
Looking ahead, Access Bank remains focused on strengthening its market leadership by deepening client relationships, enhancing digital banking platforms, and expanding its reach in critical sectors such as agriculture, technology, and energy.
Women and youth empowerment remain central to the bank’s corporate social responsibility efforts. Between 2025 and 2027, the bank will continue to streamline operations, optimize resources, and ensure customers across Africa experience seamless banking services while also exploring emerging markets.
For Kumapayi, the conference is a testament to Access Bank’s unwavering commitment to unlocking Africa’s trade potential.
“I am very excited about trade prospects for Africa. We can’t keep saying Africa has potential. We have to realize that potential. Because of Access Bank’s convening power, we have about 60 million customers across Africa who can lead that change.”
His message was clear: Africa’s time is now. To move beyond discussions and into action, all stakeholders must come together to drive real change.
“We need to bring everybody to the table, to say Africa’s time is now. We need to take action, and today’s conference is part of that action. It’s not a conference where we just talk, but one where we agree on what must be done and ensure we follow up to ensure it’s done.”
