Afreximbank and Woodhall Capital have collaborated to host a one-day workshop on Supply Chain Finance and Factoring in Nigeria.
This was followed by the launch of an innovative Payables Finance product, branded as ‘Afreximbank Tradelink’ in partnership with Sterling Bank.
A statement from the partners on Wednesday disclosed that the introduction of Payables Finance is the next stage on Afreximbank’s roadmap to promote supply chain financing in Africa.
Afreximbank, which champions intra-African and extra-African trade, currently provides US dollar and euro financing across the continent and plans similar partnerships in other African countries beyond Nigeria while incorporating local currencies.
The workshop had in attendance corporates, financial institutions and sovereigns; including the Governor of the Central Bank of Nigeria, Dr Olayemi Cardoso, who was represented by the Deputy Director of the Other Financial Institutions, Supervision Department, Mr Abayomi Arogundade; Lagos State Commissioner for Trade and Investment, Mrs Folasade Ambrose-Medebem and other stakeholders.
The workshop served as a platform to explore the opportunities and challenges within the payables finance industry in Africa’s biggest economy and for corporates and banks to gain insights into the benefits and applications of supply chain finance and factoring.
Cardoso, highlighting the significance of the workshop, said that it would help in establishing regulatory frameworks for factoring.
The founder of Woodhall Capital, Mrs Mojisola Hunponu-Wusu, corroborated the CBN’s stance, noting that the financial institutions had shown unwavering support for supply chain finance, which had catalysed its visible growth.
“We are thrilled by the overwhelming response to the workshop. The presence of esteemed guests from Lagos State and the Central Bank of Nigeria, such as Mrs Folasade Ambrose-Medebem, further highlights the importance of collaboration in advancing the payables finance industry in Nigeria.
“We believe that by equipping businesses and financial institutions with the knowledge and tools they need to navigate the complexities of supply chain finance and factoring, we can contribute to the sustainable development and growth of the African economy,” said Chief Executive Officer at Woodhall Capital, Adegboyega Festus.
Woodhall Capital is a leading financial advisory firm that has raised over $5bn from various funding sources across the globe to support local financial institutions, multinationals and conglomerates operating in various economic sectors in Nigeria and across Africa.
