Ahead of its commencement of trading in the coming weeks, the Lagos Commodities and Futures Exchange (LCFE) says it is ready to partner Ecobank Nigeria to ensure seamless settlement of trades across Africa.
On the reason for adopting Ecobank, Managing Director of the exchange, Akin Akeredolu-Ale, spoke of the need for a bank with the required African spread and superior technology like that of Ecobank, capable of helping it to accomplish its mandate of formalizing intra-continental trade.
He expressed the exchange’s determination to give Africa trade the needed structure that will enable everyone to measure and determine growth within the continent both at national and regional levels. This he noted will position Africa to compete better globally.
According to Akin Akeredolu-Ale, partnering with Ecobank will “enable us easily accomplish our vision of enabling trade across the continent. Ecobank had set up a technology that facilitates trade and currency exchange with its wide footprint across Africa and it is only natural for us to seek to partner with such an organization”.
He listed the activities of the exchange to include providing a trading platform for the exchange of agricultural, Oil and Gas, Solid Mineral and Currency commodities
Commenting, Managing Director, Ecobank Nigeria, Patrick Akinwuntan, noted its unique and large Pan-African platform which positions the bank to support trade at all levels, just as its technology platform is designed to help unlock the opportunities of the continent. This, he continued, involves standardization across 33 countries, thereby fueling regional integration, trade, and investment across borders.
Akinwuntan praised the tenacity of the initiators of the Lagos Commodities and Futures Exchange in their quest to formally trade across the continent. He assured them of Ecobank’s support whilst also noting that relevant regulators will be carried along.
The need for a commodity Exchange, he stressed further, “is long overdue and we are confident of the capacity of the Board and Management of the Lagos Commodities and Futures Exchange to close this gap. Ecobank’s approach to doing business in Africa is to create a united and integrated platform that reflects the values of Africa as a whole whilst leveraging its diverse talents and resources to tackle its common challenges and realize its immense opportunities as one market.
He reiterated that “with a larger African footprint than any other bank in the world operating in West, Central East and Southern Africa, we are the only bank that spans 36 African countries but operates a truly integrated African network. That is One unified integrated Ecobank Mobile Banking App, that works seamlessly across all 33 operating countries in Africa; One Ecobank Omni and Omnilite serving all Multinationals and SMEs in Africa; One Rapidtransfer app that breaks down country borders and allows the diaspora community send money directly to their loved ones, instantly and affordably across Africa; One Ecobank Online Banking platform that you can access easily whether you are in Abuja or Kinshasha.”
Also speaking, Akintayo Dada, Executive Director, Corporate Banking said “Ecobank is determined as the Pan Africa bank to contribute to the development and advancement of the continent through financial integration with uniform world-class practices and proprietary technologies.
“Ecobank offers a comprehensive suite of digital financial services to meet the challenge of modern banking across all its business segments, which includes Consumer, Commercial and Corporate Banking. We provide solutions that make banking more instant, affordable, convenient and accessible for everyone on the continent and beyond, from international corporations to the local consumer,” stated.
Dada thanked the Lagos Commodities and Futures Exchange team for their trust in Ecobank and assured them of the bank’s support.