The collaboration between the institutions is a boost to Intra-Africa trade which at 10 percent is the lowest globally in comparison with trade among the EU-27 at 70 percent, 52 percent for Asian countries, 50 percent for North American countries and 26 per cent for South American countries.
Under the agreement, which was signed in
Kenya by the CEOs of UBA Africa and ATI Kennedy Uzoka and George Otieno, ATI would provide insurance cover for eligible UBA Group transactions with its political risk and trade credit insurance products. The risk mitigation services would provide an alternative to collateral for UBA’s corporate clients, who may otherwise face financial constraints in obtaining credit, while also protecting them against cross-border trade risks and a broad range of investment risks.
UBA said the partnership was a statement of its aim to boost inter and intra-African trade because of its capacity to accelerate development and integration across the continent. “Over the years we have supported our customers to grow their business network across Africa and internationally in pursuit of a more prosperous Africa”, the statement added..
“UBA’s partnership with ATI will ease the flow of credit to our customers and help them expand their businesses across the continent,” CEO Uzoka said. While ATI’s CEO Otieno said banks would continue to be a vital aspect of ATI’s business strategy. “We are able to impact a greater number of people through their client networks. This partnership with UBA helps us to support cross-border trade, help companies to access credit and to positively impact the region’s economic development,” Otieno added.
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