(Nairobi) – Top executives from leading Kenyan companies met in Nairobi today to explore strategies for expanding Kenyan businesses into regional and international markets. The forum, convened by the Kenya National Chamber of Commerce and Industry (KNCCI) in partnership with Ecobank Kenya, comes at a time when Africa is preparing for deeper regional trade under the African Continental Free Trade Area (AfCFTA).
The AfCFTA is expected to become the largest free trade area since the establishment of the World Trade Organization, covering a population of 1.2 billion people, which is projected to grow to 2.5 billion by 2050. This initiative aims to boost trade among African countries, which currently stands at just 15-18 percent of total trade, and stimulate production through regional value chains. It also seeks to support manufacturing, agroprocessing, and other activities across the continent to meet market demand, while strengthening African companies’ abilities to access and supply global markets.
Kenya has shown strong support for AfCFTA, aligning with the implementation strategy that seeks to diversify and expand Kenyan exports to African markets. Through its partnership with Ecobank, which has a presence in 35 African countries, the KNCCI is enhancing Kenyan businesses’ access to regional and international trade opportunities. The collaboration aims to streamline how Kenyan companies approach cross-border trade.
The breakfast forum, held under the theme “Powering Trade across Africa,” focused on the new opportunities this partnership provides. Ecobank’s integrated payment network will allow Kenyan businesses to conduct secure and efficient cross-border transactions across 35 African countries, significantly cutting costs, time, and complexity. Additionally, the Ecobank Single Market Trade Hub Portal offers access to over 6,000 verified businesses across Africa, helping Kenyan traders identify new trade partners and expand their operations with confidence.
One of the key challenges faced by KNCCI members in regional and international trade has been high transaction costs, fluctuating exchange rates, and limited access to trade finance. The partnership between Ecobank and KNCCI is designed to address these barriers by offering tailored solutions to improve cross-border business operations. Ecobank’s competitive exchange rates and customized trade finance options will support Kenyan businesses in overcoming financial obstacles when engaging in regional and international trade.
Moreover, the Ecobank Single Market Trade Hub Portal is designed to connect traders with verified businesses across Africa, reducing the risks often associated with cross-border partnerships and promoting secure, sustainable business growth.
Josephine Anan-Ankomah, Ecobank Kenya’s Managing Director and Regional Executive, emphasized that the bank’s expertise in trade finance, foreign exchange services, and cross-border payment solutions will enable businesses to manage international transactions more efficiently. She added that the partnership would create new opportunities for businesses to connect with potential partners and investors across Africa, enhancing trade deals and market access.
KNCCI President Erick Rutto expressed that the collaboration with Ecobank would help address key challenges faced by Kenyan businesses in cross-border trade. He highlighted that the partnership would provide tools for companies to connect with thousands of businesses across the continent, ultimately building a pathway for Kenyan businesses to excel regionally and globally.