Wema Bank, Bank of Africa Group partner on trade – Wema Bank is deepening pan-African trade services for its customers through its bilateral partnership agreement with Bank of Africa Group (BOA).
The agreement, which was announced last year by Managing Director/CEO of Wema Bank Plc, Mr Ademola Adebise and CEO of BOA Mr Amine Bouabid, is aimed at enhancing the relationship between banks and delivering sustainable and value-adding support for growth and profitability across the continent.
Through the deal, both banks will gain an opportunity to promote bilateral trade services, which will include Import and Export services, Bonds and Guarantees, and Structured Finance collaborations.
In keeping with the tenets of the agreement, activities around corresponding banking, trade facilitation and remittances will kickstart between Wema Bank and BOA Ghana.
This opportunity will also envisage the full implementation of Africa Continental Free Trade Agreement (AfCFTA), with a focus on the manufacturing, power and agriculture sectors, as well as Nigerian business community in Ghana, Wema Bank customers in Nigeria can trade and make remittances with BOA customers in Ghana.
According to Head Global Trade and Correspondent Banking, Wema Plc, Adeola Ajai, the partnership with BOA will help facilitate business activities across the African continent, offer better and more competitive pricing to support customers and execute transactions faster” to customers looking to take their businesses beyond borders.
Ajai also added that the subsequent phase of the partnership will be to sign a sub-agreement with 16 other BOA affiliated locations across Anglophone and Francophone African countries, six of which are in West Africa (Benin, Burkina Faso, Ivory Coast, Mali, Togo and Senegal), seven in East Africa and the Indian Ocean region (Burundi, Djibouti, Ethiopia, Madagascar, Rwanda, Tanzania and Uganda) as well as in the Democratic Republic of Congo.