Absa CIB Joins Contour Trade Finance Network

Absa CIB is positioning itself at the forefront of digital developments by being a part of Contour’s digital trade finance network. Many of Africa’s trade transactions are manual and paper-based, which slows down trade growth and creates another layer of complexity and costs.

Absa CIB’s clients will now have access to Contour’s digital Letter of Credit (LC), which reduces the process of presenting documents from an average of 5-10 days to under 24 hours.

Digital developments are a big part of addressing challenges and creating access to new markets. In Africa, digitisation is critical to the success of the African Continental Free Trade Area (AfCFTA), a flagship project that aims to boost intraAfrica trade by 52.3 percent and expand the size of the continent’s economy to US$29 trillion by 2050.

With a presence in 15 countries from Botswana to Zambia, the Johannesburgbased diversified financial services group is banking on innovation to drive sustainable growth. Digital developments can reduce barriers to accessing trade finance and collectively, fintechs and financial institutions can work together to help trade and trade finance grow in a sustainable manner.

Read more: https://ngulminthanglhanghal.wordpress.com/2023/08/16/absa-cib-joins-contour-trade-finance-network/