15 October 2012

Nigeria: IFC Honours Access Bank

Access Bank Plc said it emerged the winner of this year's International Finance Corporation's (IFC's) 'Most Active Issuing Bank in sub-Saharan Africa' award under the corporation's Global Trade Finance Programme (GTFP).

A statement at the weekend said the announcement was made at the 5th IFC GTFP Bank Partners' meeting held in Dubai, United Arab Emirate.

The Global Trade Finance Programme has 380 member banks from 182 countries around the world.

According to the statement, "by its emergence as the winner of this prestigious award, Access Bank has reinforced its exceptional capacity in Trade services for the 5th year running, having clinched the IFC's awards for 'Innovation in Trade Structures' and Best GTFP Network Bank at the 2007 and 2008 meetings respectively."

It added: "The recognition accorded the bank is an eloquent testimony to the bank's expertise and excellent capacity in Trade Finance. This award underscores the level of progress the bank's investment in its trade finance capacity, competency and delivery has recorded and is an indication of the tremendous value inherent in its compelling trade finance value proposition."

The bank joined the GTFP in 2006 to further extend its network of relationship with development finance institutions and strengthen its trade finance capacity while facilitating developmental international trade between Nigerian businesses and their counterparts in other parts of the world.

Under the programme, IFC offers confirming banks partial or full guarantees covering payment risk on Banks in the emerging markets for trade related transactions.

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