Trade finance gap is holding back Africa’s growth, says Stanbic
A bank official said there is a need for a better understanding of risk.
A lack of access to affordable trade finance is holding back the economic and employment potential of African countries, according to a Stanbic Bank Tanzania official.
Head of Trade Sales Charles Kapufi told Tanzania Daily News that a great number of jobs could be created if small and medium-sized enterprises (SMEs) in Africa could do cross border transactions.
"There is an opportunity for trade financiers to help fill this void but there are a number of barriers to trade that need to be removed. This is why creating uniform rules and standards across various facets of trade will go a long way to closing these gaps and removing these barriers," he said.
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