There is still interest from multinational companies to expand into Africa due to the higher growth rates on offer than elsewhere in the world, but expectations around more sophisticated solutions are much higher than they were in the past.
Standard Bank Group, Africa’s leading bank by assets, collected 22 awards in the EMEA Finance’s Treasury Services Awards and Global Finance’s World’s Best Bank Awards, both for 2015. The awards were presented at the Sibos conference in Singapore.
Standard Bank has appointed Jonathan Peake to the role of Chief Financial Officer with responsibility for the Finance and Treasury teams across the group’s offshore business in Jersey, Isle of Man and Mauritius.
Greater levels of trade will fuel Africa’s growth but companies need to be better positioned to seize the opportunities by improving their working capital management capabilities and access to finance to fund these opportunities, says Standard Bank.
According to the African Development Bank’s recent report on trade finance in Africa, the conservative estimate for the value of unmet demand for bank-intermediated trade finance is between US$110 billion and US $120 billion, which is significantly higher than earlier estimated figures of US$25 billion.