The Role of AFREXIMBANK in Promoting Factoring in Africa

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1 The Role of AFREXIMBANK in Promoting Factoring in Africa By Mr. Teddy NGIDJOL Manager, Trade Finance and Branches (AFREXIMBANK) Presentation at Afreximbank s Seminar on Factoring Lusaka, Zambia November 07, 2014 The Trade Finance Bank for Africa

2 Table of Contents 1. In this presentation I will be discussing what AFREXIMBANK is doing to promote factoring in Africa. 2. Highlight its collaboration with the African Development Bank (AfDB). 3. Conclude with recommendations. The Trade Finance Bank for Africa (2)

3 1. What AFREXIMBANK is doing to promote factoring in Africa. The Trade Finance Bank for Africa (3)

4 1. What AFREXIMBANK is doing to Promote Factoring in Africa? A. Provision of Lines of Credit for Factoring. B. Educational Activities / Raising Awareness. C. Facilitating Infrastructure. D. Trade Association Platform (Providing Support through International Factors Group - IFG). The Trade Finance Bank for Africa (4)

5 A. Provision of Lines of Credit for Factoring The purpose of the facility is to provide liquidity and payment risk protection. AFREXIMBANK is currently reviewing proposals at different stages of processing for factoring lines of credit totaling US$50 Million. Companies are based in Mauritius Senegal, Burkina Faso, Kenya, Botswana, Egypt, Zimbabwe and Rwanda. The Trade Finance Bank for Africa (5)

6 B. Educational Activities / Raising Awareness To deal with the lack or very limited knowledge of the product across the continent: The Bank has been facilitating the sharing of experiences between local members in Africa and engaging in public relations activities designed to raise local awareness of the benefits of factoring. The Bank has also been implementing educational activities to develop skills in Factoring across the continent and build capacities. The Trade Finance Bank for Africa (6)

7 B. Educational Activities / Raising Awareness (Cont d) The Bank has hosted the following Workshops and Seminars: In December 2010, the Bank held a workshop in Cairo, Egypt on the theme: factoring operations for Beginners. In December 2011, the Bank held a workshop in Accra, Ghana on the theme: Achieving Success Through Factoring. In November 2013, the Bank held a workshop in Douala, Cameroon on the theme: Factoring as an Alternative Trade Finance Instrument in a competitive World. This year, in June 2014, the Bank held a seminar targeting Regulators & Law Makers in Lagos, Nigeria on the theme: Promotion and Development of Factoring in Africa: Towards a Facilitative Legal and Regulatory Environment. The Trade Finance Bank for Africa (7)

8 B. Educational Activities / Raising Awareness (Cont d) On September 30, 2014 AFREXIMBANK facilitated an Africa Business Forum in which several African Factoring Companies participated during the International Factors Group (IFG) 52 nd Annual Meeting in Malta. The Forum focused on: The Challenges and Opportunities for Factoring in Africa. AFREXIMBANK sponsored a Dinner / Speaking event on September 29, 2014 that included a key note presentation by Mrs. Margrith Lutsch-Emmenegger (President of Fimbank) on the theme: Opportunities for Factoring in Africa-Fimbank Experience. The Trade Finance Bank for Africa (8)

9 C. Facilitating Infrastructure To alleviate the cost of setting up Factoring business platforms and challenges around the lack of expertise in back-office and receivables management: AFREXIMBANK is working on a co-branded Factoring Development product called AfriFactor in partnership with members of the International Factors Group (IFG). AfriFactor will aim at providing advisory services for establishing Factoring business, IT and Operations platforms to African Financial Institutions desiring to commence or enhance their Factoring businesses. The Trade Finance Bank for Africa (9)

10 C. Facilitating Infrastructure (Cont d) AFREXIMBANK is also working on improving the weak legal environment compounded by the high cost of perfecting legal documents: AFREXIMBANK is coordinating with other stakeholders including Central Banks, Association of African Central Banks (AACB) and OHADA Secretariat for the drafting of a model Factoring Law that we hope to introduce in countries where we are beginning to see Factors emerging. AFREXIMBANK is exempt from stamp duties due to its Preferred Creditor Status in its Member Countries. The Trade Finance Bank for Africa (10)

11 D. Trade Association Platform (Providing Support through IFG Network) IFG is today recognized as the representative Trade Association for the Factoring and the Asset Based Finance Industry with focus on Education and Events, Industry Information, regular News and Newsletters, and promotion of the 2-Factor System. The Bank has been working with IFG to seize the opportunities factoring can offer while at the same time mitigating the difficulties in the market. The Bank is a member of the International Factors Group (IFG) (as Shareholder). Dr. B. O. Oramah (Executive Vice President) sits on its Board and is also the current Chair of IFG s Africa Chapter. The Trade Finance Bank for Africa (11)

12 D. Trade Association Platform (Providing Support through IFG Network) (Cont d) The Bank leverages on IFG to: Connect: Service providers with members and align with like-minded organisations to facilitate broader industry reach. They identify factors that will be opened to entering into Joint Venture Arrangements with Africa Chapter Members to accelerate start-up operations. They also connect Factors to promote the 2-Factors System. Educate: Inform, educate and support the industry in order to set standards and best practice. Influence: Lobby on behalf of the industry promote and defend the industry working closely with regulators and governments worldwide. The Trade Finance Bank for Africa (12)

13 D. Trade Association Platform (Providing Support through IFG Network) (Cont d) The Bank helps to mobilize members and the current membership of the IFG (Africa Chapter) is as follows. 11 Members have been mobilized as at date. 1. AFREXIMBANK 2. CIM Finance, Mauritius 3. Commercial Factors Ltd., Mauritius 4. Maroc Factoring, Morocco 5. Tunisie Factoring SA, Tunisia 6. First International Bank (SL) Ltd., Sierra Leone 7. Harare receivable Exchange Zimbabwe * 8. Egypt Factors, Egypt 9. Cairo Factors, Egypt 10. Locafrique, Senegal* 11. Gulf Bank Algeria *Approved in 2014 And discussions are underway for the processing of membership of more than 10 prospects. The Trade Finance Bank for Africa (13)

14 D. Trade Association Platform (Providing Support through IFG Network) (Cont d) Maroc Factoring CURRENT MEMBERSHIP OF THE AFRICA CHAPTER Tunisie Factoring Egypt Factors Cairo Factors Gulf Bank Algeria Locafrique Senegal FIB Sierra Leone Harare Receivables Exchange Zimbabwe CIM Finance Mauritius Commercial Factors Mauritius The Trade Finance Bank for Africa (14)

15 2. Collaboration with the African Development Bank (AfDB). The Trade Finance Bank for Africa (15)

16 2. Collaboration with the African Development Bank (AfDB) AFREXIMBANK is working with the African Development Bank Thematic Fund for Private Sector Assistance (FAPA) to support Factoring companies in Africa. Grants under FAPA are used to promote innovative programs that specifically support small - and micro - scale enterprises, including the provision of seed money for start-ups, business incubators, etc. AfDB has pre-approved a grant that will be applied towards: Technical capacity building ; Drafting of a model law; Advocacy (Training, Workshop, Conferences, etc.) The Trade Finance Bank for Africa (16)

17 2. Collaboration with the African Development Bank (AfDB) (Cont d) AfDB and AFREXIMBANK in this collaboration, have identified 10 pilot companies to benefit from the grant in the area of capacity building. Due Diligence programmes are on-going and the first mission covering East and Southern Africa was held between May 16 th to 20 th, The second mission to cover North, West and Central Africa is expected prior to implementation. Final approval is expected by the end of The Trade Finance Bank for Africa (17)

18 3. Conclusions The Trade Finance Bank for Africa (18)

19 3. Conclusions What we would like you to take away is the impetus AFREXIMBANK is adding through raising awareness, education, public relations, providing credit facilities, lobbying, various partnerships arrangements for technical assistance For emerging factoring companies, you can look to AFREXIMBANK as your partner in progress. We also urge you all especially the Law Makers and Regulators represented here to partner with us in our goals towards enabling the environment for the success of factoring and invariably promotion of SME financing. The removal of regulatory impediments and improving the legal environment is a key success factor. The Trade Finance Bank for Africa (19)

20 THANK YOU FOR YOUR ATTENTION The Trade Finance Bank for Africa (20)

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