The Trade Finance Bank for Africa

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1 The Role of Afreximbank and of IFG Africa Chapter in the development of Factoring in Africa By Chairperson, Africa Chapter. B.O. Oramah and Executive Vice-President (AFREXIMBANK) Presentation at the First Symposium and Academy on Factoring in Africa in Cairo, 11 th March 2015 The Trade Finance Bank for Africa

2 1. Afreximbank An Introduction The Trade Finance Bank for Africa (2)

3 Afreximbank is a Pan-African Multilateral Financial Institution created in 1993 under the auspices of AfDB to promote and finance: (i) intra-african trade; and (ii) Extra African trade Its broad instruments of intervention are: (i) Credit (trade and project financing); (ii) Risk Bearing (Guarantees and Credit Insurance); and (iii) Trade Information and Advisory Services The Bank is yet to introduce credit insurance services The Trade Finance Bank for Africa (3)

4 Afreximbank has an authorized share capital of US$5 billion. Shareholders include African Governments, financial institutions and private investors and non-african investors. There are 38 member countries spread across Africa. Credit Ratings Afreximbank carries two Investment Grade Credit Ratings, namely BBB- by Fitch and Baa2 by Moody s A Pan-African Presence 38 Participating States across Africa Head office Abidjan Member country with office Member country Abuja Harar e Cairo Nairobi Angola Ivory Coast Republic of Congo Benin Kenya Rwanda Botswana Lesotho Senegal Burkina Faso Liberia Seychelles Cameroon Malawi Sierra Leone Cape Verde Mali Sudan DRC Mauritania Tanzania Egypt Mauritius Tunisia Ethiopia Mozambique Uganda Gabon Namibia Zambia Gambia Niger Zimbabwe Ghana Nigeria Guinea Bissau Guinea Page 4 The Trade Finance Bank for Africa (4)

5 2. Factoring in Afreximbank The Trade Finance Bank for Africa (5)

6 Afreximbank is promoting Factoring as an alternative trade finance instrument to enable African businesses, trade competitively. It is also to support the participation of Small and Medium Enterprises (SMEs) as indirect exporters in supply chains. Afreximbank is introducing Factoring to African banks and non-bank financial institutions, and nurturing them in the process. The Trade Finance Bank for Africa (6)

7 To attain this goal, Afreximbank joined the International Factors Group (IFG) in September 2007 as a Shareholder, and is playing an active role in the IFG, Afreximbank is a strong supporter and facilitator of activities of the Africa Chapter of the IFG. The Trade Finance Bank for Africa (7)

8 The role of Afreximbank in the development of Factoring in Africa : 1. Provision of Lines of Credit for Factors, 2. Educational Activities, 3. Fostering the creation of facilitative infrastructure. The Trade Finance Bank for Africa (8)

9 1. Provision of Line of Credit to Factors Afreximbank is offering Lines of credit to Factors, providing liquidity to them and payment risk protection. To date, Afreximbank has approved an aggregate amount of US$ 48 Million for Factors located in: (i) (ii) Mauritania (US$ 23 Million) Senegal (US$ 25 Million) Factoring lines totalling US50 Million for institutions in Burkina Faso, Kenya, Egypt, Botswana, Rwanda, and Zimbabwe are currently being assessed. The Trade Finance Bank for Africa (9)

10 2. Educational activities/ Raising Awareness 1. Raising Awareness / Education 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 and build capacities across the continent. The Trade Finance Bank for Africa (10)

11 2. Education Activities/ Raising of Awareness. In December 2010, the Bank hosted a workshop in Cairo, Egypt on the theme: factoring operations for Beginners. In December 2011, Afreximbank hosted a workshop in Accra, Ghana on the theme: Achieving Success Through Factoring Afreximbank held a Factoring workshop in Douala, Cameroon on November 22, 2013 on the theme: Factoring as an Alternative Trade Finance Instrument in a competitive World. The Trade Finance Bank for Africa (11)

12 2. Education Activities/ Raising of Awareness (Cont d) A Factoring workshop targeting Regulators & Law Makers was held in Lagos Nigeria on June 13, 2014 on the theme: Promotion and development of factoring in Africa: Towards a Facilitative Legal and Regulatory Environment. The Event attracted more than 60 law makers, members of parliament, Officials from Central Banks, and others regulators from West and Central Africa. Mr David B. Tatge, a member of Epstein Becker Green Law Firm led the Workshop. Erik Timmermans Secretary General of IFG and Peter Brinsley supported. The Trade Finance Bank for Africa (12)

13 2. Education Activities/ Raising of Awareness(Cont d) On the sidelines of the International Factors Group (IFG) 52 nd Annual meeting in Malta: A Dinner gathering of approximately 40 African European and Asian Factors was organized on September 29 th, 2014 that included a key note presentation by Mrs. Margrith Lutsch-Emmenegger Chair person of IFG and retired President at Fimbank, on the experience of Fimbank in Factoring in Africa on the theme Opportunities for Factoring in Africa- Fimbank Experience. There was an Africa focussed event held on September 30, 2014 which involved a Panel discussion on : The challenges and opportunities for factoring in Africa moderated by by Dr. B. O. Oramah, Chair Person of Africa Chapter. Africa Factors participated as Panelists. The Trade Finance Bank for Africa (13)

14 2. Education Activities/ Raising of Awareness (Cont d) A Factoring workshop targeting Regulators & Law Makers was held in Lusaka Zambia on November 7, 2014 on the theme: Promotion and development of factoring in Africa: Towards a Facilitative Legal and Regulatory Environment. The Event attracted 54 law makers, members of parliament, Officials from Central Banks, and other regulators from North, East and Southern Africa Mr. Nick Hough founder of, Corporate Cash flow Solutions (CCS) South Africa led the Workshop. Mr Peter Brinsley supported. The then Governor of the Bank of Zambia, Dr. M. Gondwe, opened the seminar. The Trade Finance Bank for Africa (14)

15 2. Education Activities/ Raising of Awareness(Cont d) On November 4, 2014 Afreximbank new Publication in Lusaka, Zambia. launched a The publication, Contemporary Issues in African Trade and Trade Finance (CIAT), is part of the Bank s effort to continue to provide useful platforms for Africans and non-africans to publish articles relevant to the trade and socioeconomic development of Africa. The maiden issue of the CIAT was dedicated to Factoring to underpin its emerging importance in an African Trade environment that is changing and creating opportunities for participation of SMEs in the Continent s and global supply chains. The Trade Finance Bank for Africa (15)

16 2. Education Activities/ Raising of Awareness (Cont d) CIAT Volume 1, Number 1 carried the following 3 papers. 1- From the periphery to Centre: Africa as the Growth Market for Factoring. It highlights the major developments in Factoring in Africa, the challenges and the prospects. This paper was authored by Dr Benedict Oramah, Executive Vice President at Afreximbank. 2- Evolution of Factoring in Egypt and implications for Factoring Development in Africa This paper highlights the evolution of Factoring in Egypt and draws implications for Africa. This paper was co-authored by Dr Benedict Oramah and Mr Richman Dzene Manager, Research and Knowledge Management at Afreximbank. 3- An insight into recent legal and regulatory reforms of Factoring in Africa discusses recent legal reforms in Africa in relation to Factoring. Mr Enga Kameni the author, is Manager at the Legal department of Afreximbank. The Trade Finance Bank for Africa (16)

17 3. Facilitating Infrastructure (Technical Assistance) To alleviate the cost of setting up Factoring business platforms and challenges around the lack of expertise in back-office and receivables management: The Bank is working on a co-branded Factoring Development product to be called AfriFactor. 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 (17)

18 3. Facilitating Infrastructure (Legal environment) Improving 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. The Bank has also been organizing workshops, trainings and advocacy campaigns targeted at Law Makers & Regulators to educate and encourage interest in Factoring towards facilitative legal and regulatory environments in the respective countries. The Trade Finance Bank for Africa (18)

19 3. Partnerships. The Trade Finance Bank for Africa (19)

20 Partnerships. 1. Collaboration with AfDB 2. Collaboration with IFG The Trade Finance Bank for Africa (20)

21 1. 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 (21)

22 1. 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 in The Trade Finance Bank for Africa (22)

23 2. Collaboration with International Factors Group (IFG) 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 two factor system. The Africa Chapter has been working with IFG to enable African banks and Factors seize the opportunities Factoring offers while at the same time mitigating the difficulties in the market. The Trade Finance Bank for Africa (23)

24 2. Collaboration with International Factors Group (IFG) (cont d) The Africa Chapter 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 open to entering into Joint Venture Arrangements with Africa Chapter Members to accelerate start-up operations Educate and provide training support in order to set standards and best practice in the industry. Influence and Lobby on behalf of the industry promote and defend the industry working closely with regulators and governments worldwide. For instance IFG and Afreximbank embarked on a mission to Senegal from February 2015 to engage key government officials and regulators. The Trade Finance Bank for Africa (24)

25 2. Collaboration with International Factors Group (IFG) (cont d) Membership fees: The Africa Chapter has negotiated and obtained a substantial reduction of membership fees for their members. IFG E-Learning Foundation Course: Afreximbank has purchased 30 IFG E-Learning Foundation Course slots dedicated to Africa Chapter members. The Trade Finance Bank for Africa (25)

26 2. Collaboration with International Factors Group (IFG) (cont d) The Bank and the Africa Chapter participate in mobilizing Factors to join IFG. 12 Members belong to the Chapter as at date. 1. AFREXIMBANK 2. CIM Finance, Mauritius 3. Commercial Factors Ltd., Mauritius 4. Maroc Factoring, Morocco 5. Tunisie Factoring SA, Tunisia 6. Gulf Bank Algeria 7. Harare receivable Exchange Zimbabwe 8. Egypt Factors, Egypt 9. Cairo Factors, Egypt 10. Locafrique, Senegal 11. Micro Finance Zambia 12. FBC Bank Zimbabwe The Trade Finance Bank for Africa (26)

27 4. Conclusions The Trade Finance Bank for Africa (27)

28 4. Conclusions What we would like you to take away is the impetus The Africa Chapter and Afreximbank are adding through, raising awareness, public relations, providing credit facilities, lobbying, various arrangements for technical assistance etcetera. We urge you all especially Factoring companies to join IFG because of the importance of joining forces in achieving common results. The current wave of enthusiasm in factoring offers strong momentum to develop the product and the Africa Chapter, Afreximbank and IFG are keen to provide support. The Trade Finance Bank for Africa (28)

29 THANK YOU FOR YOUR ATTENTION Q & A The Trade Finance Bank for Africa (29)

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