Wema Bank says it is deepening pan-African trade services for its customers through its bilateral partnership agreement with Bank of Africa Group, The Punch report.
A statement said the partnership agreement, which was announced in October 2019, by the Managing Director and Chief Executive Officer, Wema Bank Plc, Mr Ademola Adebise, Chief Executive Officer, BOA, Mr Amine Bouabid, was aimed at enhancing the relationship between both banks and delivering sustainable and value-adding support for business growth and profitability across the continent.
It stated that through the partnership, both banks would gain an opportunity to promote bilateral trade services such as import and export services, bonds and guarantees, and structured finance collaborations.
In keeping with the tenets of the partnership agreement, activities around corresponding banking, trade facilitation and remittances would kick-start between Wema Bank and BOA Ghana, the statement said.
It stated, “This opportunity will also envisage the full implementation of Africa Continental Free Trade Agreement, with a focus on the manufacturing, power and agriculture sectors, as well as Nigerian business community in Ghana, Wema Bank customers in Nigeria can now trade and make remittances seamlessly with BOA customers in Ghana.”
The Head Global Trade and Correspondent Banking, Wema Plc, Mr Adeola Ajai, stated, “The partnership with BOA will help facilitate business activities across the African continent, offer better and more competitive pricing to support customers and execute transactions faster to customers looking to take their businesses beyond borders.”
