AfCFTA Secretariat, Ecobank Group sign MoU to accelerate intra-African trade and empower SMEs

The African Continental Free Trade Area (AfCFTA) Secretariat and Ecobank Group have signed a Memorandum of Understanding (MoU) aimed at strengthening intra-African trade and expanding access to finance for businesses across the continent.

The agreement is designed to address long-standing trade finance gaps while promoting economic integration under the AfCFTA framework. It also places emphasis on supporting small and medium-sized enterprises (SMEs), women-led businesses, and youth entrepreneurs.

A joint press statement dated May 19 noted that the partnership builds on Ecobank’s recently announced US$3 billion trade finance commitment targeted at boosting Africa’s industrialisation and regional economic integration.

“Access to trade and affordable finance remains critical to unlocking the full potential of the AfCFTA. Through this partnership with Ecobank, we are strengthening the support available to African businesses, particularly SMEs, women-led enterprises, and young entrepreneurs, to enable greater participation in intra-African trade and value chains across the continent,” H.E. Wamkele Mene, Secretary-General of the AfCFTA Secretariat, was quoted in the statement.

The MoU establishes a strategic framework to support the implementation of the AfCFTA and advance the African Union’s Agenda 2063, which envisions an integrated African market of more than 1.3 billion people with a combined GDP of about US$3.4 trillion.

“For 40 years, Ecobank has been built on a singular vision: to advance the economic development and financial integration of Africa,” Michael Larbie, Group Executive, Corporate and Investment Banking at Ecobank said as quoted in the statement.

The bank added that its continental footprint and digital infrastructure position it as a key driver of the AfCFTA agenda, particularly in facilitating trade and financial connectivity across African markets.

Under the agreement, both institutions will collaborate on SME capacity building, closing the trade finance gap, and expanding Ecobank’s Ellevate Programme, which supports women-led enterprises with tailored financial solutions.

Other focus areas include the development of a single market trade hub, business referrals, policy advocacy to reduce non-tariff barriers, and joint events aimed at strengthening dialogue on AfCFTA protocols.

The partnership is expected to play a significant role in deepening economic integration and improving access to cross-border trade opportunities for African businesses.