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African Union Lauds Ecobank Pan African Centre (EPAC) Initiative

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African Union Chairperson, Moussa Mahamat says the Ecobank Pan African Centre (EPAC) is a clear demonstration of what could be achieved if the government creates an enabling environment for businesses to thrive.  Mahamat who spoke at the official launch of the new Ecobank head office building, the Ecobank Pan-African Centre (EPAC), in Lagos said the “Commission is very much happy to witness the commissioning of this magnificent edifice”, also noting that that the centre will not only serve as the headquarters of Ecobank Nigeria but also stand as a beacon of faith, success by the founders of the bank”.

 

 

“Active collaboration between the public and private sectors across Africa is critical to shared prosperity. The Ecobank vision “was borne out of the idea among West African business people who are determined to provide the African continent with a homegrown financial institution. And it has shown exactly what can be achieved by the African private sector when they come together in genuine collaborative and joint efforts. The Ecobank Pan African Centre (EPAC) again has also shown that it is possible when the government creates an enabling environment for the private sector to thrive”. He stated

 

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Mahamar, who was represented by the Commissioner for Economic Development, Trade, Industry and Mining, African Union Commission, Ambassador Albert Muchanga, said Africa has embarked on a path of strategic market opening and enlargement through the establishment of the African Continental Free Trade Area (AfCFTA), a market of 1.3 billion people.

 

He said the process of countries’ wide economic integration involves the removal of tariffs and trade barriers as well as policy and regulation harmonisation in the areas of investment, competition policy, digital trade, quality of infrastructure among others.

 

“In this market, which has a huge potential for growth and also a platform for deeper government integration, the financial sector across Africa will play a key role in all aspects of banking including trade finance.

“With respect to trade finance, traders want to be paid on time and in full as they engage in intra-African trade and the financial sector will facilitate this as the financial institutions across Africa will be the first point of call in these operations.

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“The need for timely payment comes against the background where one of the key challenges that the financial sector in Africa has met is the annual trade finance deficit in the margins of like one to a hundred and twelve billion US dollars. “In this connection, I call on Ecobank to join the African Development Bank and the African Export Import Bank in coming up with innovative mechanisms to contribute in closing the continent wide trade finance gap”.

 

Welcoming guests, Chairman, Ecobank Nigeria, Bola Adesola said the Centre is a dream come true, noting that it is a tribute to the vision of the founding fathers in creating a world-class Pan-African Banking group and providing excellent financial services across Africa.

 

She said the Centre with sparkling ambience, boasts of state-of-the-art amenities, houses smart offices, a restaurant, multipurpose conference hall, gym, creche, a parking lot that can accommodate 130 vehicles at a time, experience and game centre and a rooftop terrace, among others, stating it is targeted to further enhance productivity and service delivery to customers.

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