Afreximbank Urges Scaling Factoring Volumes to €240 Billion to Boost African SMEs

Afreximbank's Executive Vice President, Kanayo Awani, highlighted the importance of scaling factoring volumes to €240 billion to boost SMEs in Africa during the bank's annual factoring workshop in Abidjan, Côte d'Ivoire. The aim is to help SMEs convert unpaid invoices into immediate cash, addressing the $300 billion financing gap they currently face.

The growth of Africa's factoring market has been significant, doubling in recent years. Various stakeholders, including FCI and BCEAO, emphasized the critical role of factoring in unlocking SME growth and socio-economic development in regions like West Africa.