Keystone Bank educates MSMEs on opportunities in AfCFTA window | Dailytrust

Keystone Bank educates MSMEs on opportunities in AfCFTA window

Keystone Bank CEO, Mr Olaniran Olayinka
Keystone Bank CEO, Mr Olaniran Olayinka

Keystone Bank Limited has trained start-ups with the requisite knowledge about the African Continental Free Trade Area (AfCFTA) window and the opportunities it presents to their businesses.

The 3-day MSME Masterclass Webinar series, tagged “Taking your SME business across borders”, held from the 15th to 17th of June 2021.

There were over 600 participants and 200 registered MSMEs in attendance.

The sessions touched on practical issues relating to international trade with a focus on export transactions.

The faculty consisted of subject matter experts with vast knowledge on the topic.

The AfCFTA is a free trade area, outlined in the African Continental Free Trade Agreement among 54 of the 55 African Union nations.

AfCFTA is the largest in the world in terms of participating countries since the formation of the World Trade Organisation.

The agreement requires members to remove tariffs from 90% of goods, allowing free access to commodities, goods, and services across the continent.

Dr Emeka Osuji, an associate professor of economics at the Pan-Atlantic University, who also attended the Advanced Management Programmes at Harvard Business School and Wharton School of the University of Pennsylvania, U.S.A, cracked the mystery around the AfCFTA act and the opportunities for MSMEs to trade freely within Africa.

Other speakers at the masterclass sessions were Somtochi Okwuadigbo, the head of trade services at Keystone Bank, and Glory Enyinnaya, an internationally certified management consultant.

While Okwuadigbo shared intricate details on international trade payment methods and the available forex windows which can be explored by SMEs for international trade transactions, Enyinnaya delved deeper into the subject of how SMEs could launch an internationally accepted brand for their small business, and ways to ensure a smooth entry into international markets.

According to speakers, small businesses in Nigeria contribute about 50% to Nigeria’s GDP, however, most of them are still unacquainted with the AfCFTA agreement and its benefits.

The wide opportunities it promises through the newly formed market of 55 nations, 1.2 billion people, and an aggregate GDP of up to $6.7 trillion highlights how SMEs can expand and grow their businesses outside the shores of Nigeria, they posited.

The speakers said, given the current economic realities in the country, there was a rising need for small businesses to seek avenues to expand into new markets by exploring export options.

Commenting on the programme, the divisional head, Retail, Keystone Bank, Mr Anayo Nwosu, reiterated that the bank is committed to ensuring that MSMEs in Nigeria are empowered and equipped with the requisite knowledge to expand their businesses and even delve into new markets in other African economies.

According to him, “Keystone Bank is an SME-centric bank focused on delivering tailored MSME value offerings and that has continually spurred our involvement in programmes like this.

“MSMEs are the bedrock of any economy. But it’s sad that the knowledge gap remains one of the major challenges facing this sector and limiting them from taking advantage of available opportunities such as the AfCFTA window.

“It is in the wake of this rising need, that the Bank hosted the 3-day masterclass webinar.

“Beyond the training, we also provide great support for MSMEs businesses and handhold them to nurture and grow the entrepreneurial ventures”, Nwosu noted.

The Keystone Bank MSME Online Academy was launched in 2020 as part of the bank’s corporate social responsibility (CSR) initiatives tailored to equip MSMEs with the necessary tools and resources required to successfully manage, grow and make their businesses attractive to investors and for profitability.

The lender is one of the financial institutions that have long-running support for the growth and development of small businesses in Nigeria because of the recognition of the critical roles of MSMEs as vital agents of economic development and transformation.

Keystone Bank, a technology and service-driven commercial bank offering convenient and reliable solutions to its customers has a full-fledged SME banking division which over the years, has developed various engagement programmes focused on empowering entrepreneurs.