The digital bridge for
Africa’s trade finance gap

“Absa’s approach to digitalising trade is rooted in a multifaceted strategy, reflecting our commitment to innovation and seamless integration across the complex landscape of platforms and players,” Knowles says. Central to that strategy is a client portal built on open-source architecture. This portal empowers the bank to seamlessly integrate with various ecosystems through application programming interfaces, ensuring it can connect with strategic partners and systems efficiently.

“Absa is also harnessing the power of big data and artificial intelligence to optimise key processes,” Knowles adds. “By leveraging these technologies, we are not only staying ahead of increasing regulatory demands but are also automating checklist processes, leading to lower overall client costs.”

Innovative technologies are readily available, but as Knowles points out, their efficacy hinges on regulatory and legal reforms. This makes collaboration among policymakers, financial institutions,  development finance institutions and Fintechs paramount.

“Initiatives like the African Continental Free Trade Area (AfCFTA) provide a further avenue for collaboration and establishing standards tailored to African trade while remaining aligned with global standards,” she says. “AfCFTA, underpinned by robust political momentum, offers a prime opportunity to dismantle barriers to regional trade, with digitalisation as a cornerstone. Ongoing efforts within the AfCFTA framework actively address policy recommendations, regulatory adjustments and the establishment of digital standards, fostering an environment conducive to digital trade.”