Access Bank, UBA sign agreement to facilitate Africans trade    

Access Bank and United Bank for Africa (UBA) have signed an agreement with the African Continental Free Trade Agreement (AfCFTA) that will help remove trade barriers

The agreement was reached during the annual meetings of the African Export-Import Bank (Afreximbank) in Accra, Ghana.

African traders Afreximbank is driving the push to create trading dealings for Africans

Afreximbank has been promoting its initiative called Pan African Payment and Settlement System (PAPSS), which helps reduce the complexities of foreign exchange for cross-border transactions between African markets.

According to UBA, the sectors expected to benefit from comprehensive support and trade facilitation include Pharmaceuticals, Automobiles, Transport and logistics, Agriculture and agro-processing, as reported by BusinessDay.

Victor Etuokwu, Deputy Managing Director, Retail North at Access Bank, highlighted that the agreement will enable the establishment of a payment infrastructure to mobilise resources for driving inter-African trade.

He further mentioned that Access Bank has traders, businesses, and SMEs in every country of the continent, engaging in trade with counterparts from other parts of Africa.

Etuokwu explained that the PAPSS will provide platform where payments can be made without the requirement of the US dollar to facilitate transactions