Kumapayi: Access Bank leveraging digitisation to facilitate trade

Access Bank is making significant strides in leveraging digitisation to streamline and facilitate trade across the African continent. Oluseyi Kumapayi, the Executive Director of African Subsidiaries at Access Bank, highlighted the numerous opportunities for digitisation within the trade value chain during an interview with CNBC Africa at the Afreximbank Trade Finance Seminar in Windhoek, Namibia. Kumapayi emphasized the importance of automation in various aspects of the trade process, including contracting, payments, risk assessment, logistics, and customer engagement. By utilizing technologies such as blockchain, mobile payment solutions, artificial intelligence, and digital marketplaces, Access Bank aims to enhance efficiency, reduce costs, and enhance trust in trade transactions in Africa. One of the key areas of focus for Access Bank is to increase intra-African trade, which currently stands at around 15-16%, significantly lower than regions like Europe and North America, where intra-regional trade levels reach 70-80%. Kumapayi highlighted the importance of trust, information, and access to capital in fostering trade within Africa. Access Bank's presence in multiple African countries and global financial centers enables it to bridge the trust gap, provide essential information to traders, and offer access to capital, thereby facilitating trade across the continent. In line with its vision to be the gateway into Africa, Access Bank recently obtained approval in principle to establish subsidiaries in Namibia and Hong Kong. By expanding its footprint in key financial hubs globally, Access Bank aims to enhance its connectivity between Africa and the rest of the world. Additionally, the bank is focusing on expanding within the Southern African Development Community (SADC) to strengthen regional trade ties. With a strategic presence in Southern Africa, Access Bank aims to capitalize on the region's substantial intra-SADC trade volume and further bolster its trade facilitation efforts. Challenges and opportunities within the SADC region were also discussed by Kumapayi, who emphasized the region's abundant natural resources, youthful population, and significant trading potential. Access Bank collaborates with governments and the private sector to support key sectors like mining and address the needs of the region's burgeoning youth population. By focusing on digital solutions, SME support, financial inclusion, and women empowerment, Access Bank seeks to tap into the region's economic opportunities and promote sustainable growth. The bank also recognizes the importance of regulatory compliance in the banking sector and works closely with regulatory authorities to ensure financial stability while driving economic growth in the SADC region. Access Bank's commitment to advancing trade through digitisation, strategic expansion, and partnership building underscores its position as a key player in promoting economic development and intra-African trade facilitation in Africa.