UBA Zambia pledges to advance intra-African trade

The United Bank for Africa (UBA) Zambia claims that it has facilitated intra-African trade to the tune of about US$93 million and US$53 million in imports and exports respectively, from January to date.

This was disclosed in a statement from the Bank’s Board Chairperson, Tukiya Kankasa-Mabula, in Lusaka on Thursday to mark Africa day.

Kankasa-Mabula said the bank was already playing in the space of facilitating intra-African trade, where it has supported clients in global trade to the tune of US$93 million and US$53 million in imports and exports, respectively from January 2023 to-date.

“The level of intra-trade is around 20 percent of these sums, and we believe we have the capacity to handle more.

“To reiterate our commitment, we stand ready to assist the Zambian government and commercial sector in capitalizing on the possibilities presented by Africa Continental Free Trade Area (AfCFTA) and speeding its implementation, which would result in economic progress for the nation” she added.

Kankasa-Mabula further stated the bank’s commitment to support AfCFTA in advancing regional integration and economic growth.

She said they recognized the immense potential of the AfCFTA in transforming the African continent into a thriving economic centre, and it is determined to play a pivotal role in this historic initiative.

The AfCFTA, which came into effect in January 2021, is the largest free trade area in the world in terms of participating countries.

It aims to create a single market for goods and services, facilitate the movement of capital and people, promote investment, and drive sustainable economic development across Africa.

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