Cairo, 12 November 2023: – Afreximbank’s Executive Vice President in charge of Intra-African Trade Bank, Mrs. Kanayo Awani, has been elected to the Executive Committee (EXCOM) of FCI, the global representative body for the factoring, invoice financing and asset-based lending industry. Mrs. Awani was unanimously elected at FCI’s 55th Annual Meeting in Marrakech, Morocco on 2nd of November 2023 to represent FCI’s Affiliate Members.
Mrs. Awani, whose candidacy was supported by Afreximbank was selected alongside Ms. Doaa Hafez, General Manager and Head of Technical Functions at Egypt Factors, making this the second time two delegates from Africa are voted into the FCI Executive Committee. Their election strengthens Africa’s position in the world’s leading factoring body and is a recognition of the increasingly important African market.
“I’m honoured to contribute in shaping FCI’s strategy for the increasingly important African market; serve as a valuable resource for FCI Members seeking to enter the African market; provide the trust and confidence emerging African Factors require at the early stages of factoring and thereby continue to help boost the overall FCI global influence and membership,” said Mrs. Kanayo Awani.
Mrs. Awani’s election is also a recognition of Afreximbank’s efforts in promoting factoring in Africa. Over the years, the Bank has built a strong bond with FCI, supporting the growth of factoring in Africa, nurturing the Africa Chapter and significantly increasing its membership. Afreximbank has initiated innovative programmes to promote factoring in Africa, including the development and promotion of a factoring model law, which has now been adopted by six countries and is now being considered by the parliaments of several African countries including Senegal and Nigeria. In addition, Afreximbank has supported factoring transactions of up to USD 100 million in the last five years and has leveraged its influences to attract grant capacity from the African Development Bank (AfDB) and other partners towards capacity building of African Factors.
With more than 400 members in 90 countries, FCI offers various solutions for cross-border receivables finance as well as a unique network for cooperation in international factoring. It helps its members to develop international trade and finance business. Transactions by FCI members represent nearly 90% of the world’s factoring volume.
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African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra-and extra-African trade. For 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa’s trade, accelerating industrialization and intra-regional trade, thereby boosting economic expansion in Africa. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Working with the AfCFTA Secretariat and the AU, the Bank is setting up a US$10 billion Adjustment Fund to support countries to effectively participate in the AfCFTA. At the end of 2022, Afreximbank’s total assets and guarantees stood at over US$31 billion, and its shareholder funds amounted to US$5.2 billion. The Bank disbursed more than US$86 billion between 2016 and 2022. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody’s (Baa1), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB). Afreximbank has evolved into a group entity comprising the Bank, its impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure, (together, “the Group”).
For more information, visit: www.afreximbank.com