Ecobank and eleni join forces to strengthen Africa’s agricultural financing capabilities

May 22, 2014 by Stuart Koe

The partnership between Ecobank and eleni aims to realize a shared vision of transforming Africa’s competitiveness in global commodity markets, enhancing value addition and processing in the domestic economy and enhancing food security. The partnership builds on the synergies between Ecobank’s unrivalled pan-African presence and its commitment to financial inclusion and eleni’s successful track record of creating and operating commodity exchanges in Africa, with projects in Ghana, Cameroon, Mozambique, and Nigeria. Ecobank recently announced that it was a keystone investor in the establishment of the

Ghana Commodity Exchange (GCX), eleni’s first major foray in West Africa.

“As well as increasing market transparency and reducing transaction costs, commodity exchanges play a crucial role in the monitoring and assessment of risk,” commented Albert Essien, Ecobank’s Group CEO. “Instruments such as warehouse receipts reduce uncertainty and improve access to finance across the value chain. We look forward to collaborating further with eleni to enhance Africa’s agricultural financing capabilities.”

“We are very excited to be working with one of Africa’s leading financial institutions, with a solid pan-African focus, as this opens up a tremendous opportunity to establish the leading platform for commodity-related payments and transactions across the continent,” concluded Dr. Eleni Gabre-Madhin.

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