Standard Chartered has taken a significant step in advancing Africa’s economic transformation and fostering private sector engagement within the African Continental Free Trade Area (AfCFTA). The bank hosted its Treasury Leadership Forum, titled “The Blueprint for Tomorrow,” to empower African stakeholders with insights and strategies aligned with AfCFTA’s objectives of promoting trade, sustainability, and economic integration.
With over 170 years of experience on the continent and a presence in 11 African markets, Standard Chartered is well-positioned to spearhead initiatives that advance intra-African trade. Speaking on the bank’s commitment, Makabelo Malumane, Managing Director and Head of Transaction Banking Kenya and East Africa at Standard Chartered, emphasized the importance of the forum. “With our extensive network as a connector bank and our commitment to sustainability, we aim to facilitate cross-border flows and activate new trade corridors, supported by innovative technology,” Malumane said.
The Treasury Leadership Forum convened industry experts, policymakers, and thought leaders to explore the transformative potential of AfCFTA, with a focus on building high-value supply chains, implementing effective trade policies, and fostering a robust payments infrastructure. These key discussions underscored AfCFTA’s role in creating a more connected African economy, providing a platform for stakeholders to delve into the trade agreement’s impact on Africa’s growth trajectory.
One of the forum’s highlights was a macroeconomic overview that illuminated the strategic shifts expected in the near future as AfCFTA gains momentum. This overview provided attendees with insights into emerging trade corridors, evolving supply chains, and the infrastructure required to support increased trade flow across Africa.
Key sessions also examined the evolution of payment systems and technological innovations reshaping treasury operations across the continent. The forum’s discussions highlighted how digital advancements can optimize cross-border transactions, fostering a seamless and efficient payments landscape within Africa. Attendees had the opportunity to explore the latest research and data on emerging trade corridors and opportunities across the continent, further underscoring the vast potential for economic growth.
One of the primary goals of AfCFTA is to foster private sector engagement in creating jobs, developing infrastructure, and expanding trade opportunities across Africa. Mr. Emeka Uzomba, Senior Advisor on Banking and Finance at the African Union – AfCFTA Secretariat, elaborated on the agreement’s ambitious goals. “AfCFTA aims to reshape economic landscapes by creating jobs, advancing infrastructure, and opening new avenues for the private sector,” he stated. Backed by a $10 billion fund, the AfCFTA plan includes measures to offset tariff losses, support digital trade, and increase market access across Africa, marking a pivotal step toward the continent’s economic integration and industrial growth.
According to Makabelo Malumane, Africa’s potential for growth in trade is vast, with intra-Africa trade projected to grow 3.9% annually, reaching $140 billion by 2035. African exports are expected to hit $1 trillion by 2035, an optimistic forecast driven by the continent’s expanding population, abundant natural resources, and increasing digital sophistication. Malumane remarked, “These are the opportunities we are supporting our clients to follow across African corridors.”
While AfCFTA presents immense opportunities, Standard Chartered and other stakeholders recognize that challenges, such as infrastructure limitations and regulatory alignment, need to be addressed for the agreement to reach its full potential. Standard Chartered has invested significantly in digital infrastructure and workforce training, emphasizing that sustainable business growth is only possible by tackling systemic inequalities. This strategic approach underscores the bank’s commitment to promoting balanced economic development, ensuring that its growth supports broader societal progress across the continent.
The bank’s commitment to fostering an inclusive financial ecosystem is a key driver of its initiatives. By facilitating discussions between financial leaders, corporate stakeholders, and policymakers, Standard Chartered aims to stimulate private sector involvement, a critical factor for AfCFTA’s success. Through this inclusive dialogue, the bank seeks to create solutions that address the unique needs of each African market, ultimately supporting the economic growth and financial integration that AfCFTA envisions.
In recent years, technological innovation has transformed the treasury and payment landscapes across Africa, enabling more efficient and secure cross-border transactions. The Treasury Leadership Forum shed light on the ways that organizations can leverage these advancements to optimize their treasury operations. As African businesses continue to adopt digital tools and advanced payment solutions, the potential for intra-African trade growth becomes more attainable.
The forum also addressed the importance of a streamlined payments infrastructure for supporting Africa’s trade and supply chains. Standard Chartered’s role as a “connector bank” in Africa enables it to offer a seamless experience for cross-border transactions, allowing businesses to connect across African trade corridors effectively. Through its technological investments, the bank supports its clients in navigating Africa’s emerging trade landscape with efficiency and ease.
The rapid digitalization of African economies has created a conducive environment for innovative financial solutions that address the continent’s trade needs. Standard Chartered’s initiatives and solutions, particularly in digital finance, provide a powerful toolkit for African businesses, helping them maximize opportunities in regional and global markets. With the expansion of digital trade, the bank continues to support a streamlined payments infrastructure that facilitates the movement of goods, services, and capital across borders.
Standard Chartered’s Treasury Leadership Forum underscored the need for a long-term vision to realize AfCFTA’s objectives fully. As the bank and other stakeholders work together to create an integrated African market, there is a strong focus on ensuring that the agreement drives sustainable growth that benefits both businesses and communities.
As Africa’s economies grow and the demands for trade infrastructure increase, the bank’s investments in digital and physical infrastructure will play a crucial role. Standard Chartered’s partnerships with African governments and organizations aim to create a sustainable and scalable model that supports AfCFTA’s goals of reducing trade barriers and increasing regional connectivity.
Standard Chartered’s Treasury Leadership Forum, themed “The Blueprint for Tomorrow,” highlighted the immense potential of AfCFTA in transforming Africa’s economic landscape. With a focus on private sector engagement, digital innovation, and sustainability, the forum provided a platform for key stakeholders to align strategies that support a more integrated and prosperous African continent.
Through continued investments in digital infrastructure and inclusive dialogue, Standard Chartered is committed to fostering a financial ecosystem that enables African businesses to succeed in an increasingly connected market. By working closely with African leaders and businesses, the bank is paving the way for sustainable growth and deeper economic integration, helping AfCFTA realize its vision of a prosperous Africa driven by trade and innovation.
As Africa’s trade opportunities continue to grow, Standard Chartered’s role as a connector and partner in the continent’s economic journey underscores its dedication to empowering African businesses and communities for long-term success.
