This is contained in a statement issued on Tuesday by Mr Obi Emekekwue, Director and Global Head of Communications and Events Management at Afreximbank,
She wondered why SMEs in most African countries were shying away from this because Africa accounted for less than one per cent of global factoring volumes in 2017 inspite of its huge opportunities. Awani also said: “Other factors that could raise factoring volumes include emergence of innovative industries supported by technological advancements; rapidly expanding trade and economic relations between Africa and major economies in the South; and increasing focus on regional integration and intra-regional trade under the African Continental Free Trade Agreement.
Afreximbank is the foremost pan-African multilateral financial institution devoted to financing and promoting intra- and extra-African trade.
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