Afreximbank and Woodhall Capital last week hosted a one-day workshop on Supply Chain Finance and Factoring in Nigeria and pooled together, corporations, Financial Institutions, and Sovereigns to explore the opportunities and challenges within the Payables Finance Industry in Africa’s biggest economy.
The workshop attended by industry stakeholders including Folasade Ambrose-Medebem, Honorable Commissioner for Trade and Investment in Lagos, and Abayomi Arogundade representing Olayemi Cardoso, the Governor of the Central Bank of Nigeria was followed by a joint launch of the innovative Payables Finance product, branded as ‘Afreximbank Tradelink’ in partnership with Sterling Bank.
The introduction of Payables Finance is the next stage on Afreximbank’s roadmap to promote Supply Chain Financing in Africa and the Bank currently provides US Dollar and Euro financing across Africa and plans similar partnerships in other African countries while incorporating local currencies.
The workshop provided a platform for corporates and banks to gain insights into the benefits and applications of supply chain finance and factoring. Through informative sessions and interactive discussions, participants had the opportunity to explore practical strategies for leveraging these financial solutions to optimize working capital management and drive business growth.
Abayomi Arogundade, the Deputy Director of the Other Financial Institutions, Supervision Department representing the Governor of the Central Bank of Nigeria, Olayemi Cardoso, highlighted the significance of the workshop and emphasized the ongoing collaboration, particularly in establishing regulatory frameworks for factoring. Both institutions, he said are committed to exploring regulatory measures to support the development of supply chain finance.
Mojisola Hunponu-Wusu, founder of Woodhall Capital, asserted to the Central Bank of Nigeria, the unwavering support of financial institutions towards the receivables financial industry, underscoring its growing visibility.
“We are thrilled by the overwhelming response to the workshop,” said Adegboyega Festus, Chief Executive Officer at Woodhall Capital. “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.”
Participants engaged in insightful discussions, sharing expertise and strategies to navigate the evolving landscape of Supply Chain Finance. From identifying innovative financing solutions to addressing regulatory considerations, the workshop provided valuable insights for attendees to enhance their operations and seize new opportunities in the marketplace.
Woodhall Capital is a leading financial advisory firm that has raised over $5 billion from various funding sources across the globe. The funds have been raised to support local financial institutions, multinationals, and conglomerates operating in various economic sectors in Nigeria and across Africa.
Afreximbank has been a pioneer in providing lines of credit to support and promote factoring across the continent through its Factoring Working Group.
