The President and Chairman of the Board of African Export-Import Bank (Afreximbank), Prof. Benedict Oramah, has been re-elected to the Executive Committee (EXCOM) of the Factors Chain International (FCI), the global representative body for the factoring, invoice financing and asset-based lending industry.
Oramah was unanimously elected at FCI’s 53rd Annual Meeting on 24 September 2021 to represent FCI Affiliate Members, Afreximbank disclosed in a statement on its website yesterday.
This is the third consecutive time the bank chief has been re-elected into the FCI EXCOM following his election in 2017 and 2019. He was chosen alongside Ms. Doaa Hafez, General Manager and Head of Technical Functions at Egypt Factors, whose candidacy was supported by Afreximbank, making this the first time two delegates from Africa are voted into FCI EXCOM.
I will continue leveraging FCI’s support to implement forward looking strategies towards the growth of factoring, and ensuring the Bank’s networks of government officials, and policymakers are extended to the FCI family for advocacy towards factoring development in Africa
Their election strengthens Africa’s position in the world’s leading factoring body in recognition of the increasingly important African market.
“I will continue leveraging FCI’s support to implement forward looking strategies towards the growth of factoring, and ensuring the Bank’s networks of government officials, and policymakers are extended to the FCI family for advocacy towards factoring development in Africa,” Oramah was quoted.
The statement also said his re-election is also a recognition of Afreximbank’s efforts in promoting factoring in Africa. Over the past 15 years, the Bank has built a strong bond with FCI, supporting the growth of factoring in Africa, nurturing the Africa Chapter of FCI and significantly increasing its membership.
Afreximbank has initiated innovative programmes to promote factoring in Africa, including the development and promotion of a factoring model law, which is now being adopted or used as a guide by countries to develop their own factoring laws.
With close to 400 members in 90 countries, FCI offers various solutions for cross-border receivables finance as well as a unique network for cooperation in international factoring. It helps its members to develop international trade and finance business. Transactions by FCI members represent nearly 90% of the world’s factoring volume.