Restrategising financing tools to boost trade in Africa

The International Banking Head for Africa at Aktif bank, Eda Salah, emphasized the importance of developing financing tools to support the increasing trade between Africa and Turkey. Speaking to CNBC Africa during the Africa CEO forum in Abidjan, Salah highlighted the necessity of investing in relationships and cooperation to strengthen trade ties between the two regions. The main goal outlined by Salah is to facilitate financial support for Turkish suppliers and exporters engaged in business transactions in Africa. She mentioned that Aktif bank collaborates with over 400 banks across the continent, enabling them to execute foreign currency transactions and manage accounts efficiently. This partnership aims not only to promote Turkish businesses in Africa but also to provide assistance to African counterparts through bank-to-bank operations. Addressing the current trade volume between Africa and Turkey, which stands at $33 billion, Salah stressed the increasing demand for diverse financing solutions to sustain and enhance business engagements. Recognizing the need for improved liquidity in foreign currencies and streamline currency transfers, Aktif bank is dedicated to developing strategies to address these challenges prevalent in the African markets. Salah discussed the tools and initiatives that Aktif bank is implementing to support trade activities between the two regions. By extending credit lines to partner banks and offering account services in foreign currencies for seamless money transfers, the bank aims to enhance financial operations and facilitate trade flow across borders. Reflecting on the discussions held during the Africa CEO forum in Abidjan, Salah expressed optimism and enthusiasm about the growing interest and participation from various stakeholders, both regionally and internationally, towards Africa. This positive trend has motivated Aktif bank to further strengthen its network in Africa and deepen collaborations with key players in the continent. As they conclude their engagements in Abidjan, Salah emphasized the significance of focusing on building robust relationships in Africa to foster greater support for both African and Turkish entities. The key takeaway from the forum for Aktif bank is to prioritize expanding their network in Africa and providing solid support to enhance business interactions and partnerships between the two regions.