With a 5% GDP growth rate, Africa is a region of great promise, according to Societe Generale Transaction Banking’s (SG GTB’s) first issue of ‘Projections’.
Having identified the funding challenges that many SME’s face in the region, Societe Generale will be one of the first banks to offer a sophisticated cash pooling solution. It recently launched an action plan for Africa to further develop its offering. Factoring solutions have already been rolled out in a number of countries including Ghana, Cameroon, Burkina Faso, Morocco and the Ivory Coast.
As new trade corridors open up in the region, particularly between China and African nations, Societe Generale expects this to be one of the most promising areas of activity for further developing its offer.
Other highlights in the first issue of ‘Projections’ include:
- Specifics on the new Supply Chain Finance package from factoring subsidiary CGA
- Client Alstom’s experience on reaping the benefits of SEPA