The Lagos Commodities and Futures Exchange (LCFE) has indicated its readiness to partner with Ecobank to enable the seamless settlement of trades across Africa as it starts trading in a few weeks. The Managing Director of the Exchange, Akin Akeredolu-Ale stated that the Exchange needs a bank that has the required African spread and superior technology like that of Ecobank that can support it to accomplish its mandate to formalize trade across the continent. He said the Lagos Commodities and Futures Exchange is determined to give Africa trade the needed structure that will enable everyone measure and determine growth within the continent both at national and regional levels. This he noted will position Africa to compete better globally.
According to Akin Akeredolu-Ale, partnering with Ecobank will “enable us easily accomplish our vision of enabling trade across the continent. Ecobank had set up a technology that facilitates trade and currency exchange with its wide footprint across Africa and it is only natural for us to seek to partner with such an organization”. He enumerated the activities of the Lagos Commodities and Futures Exchange to include providing a trading platform for the exchange of agricultural, Oil and Gas, Solid Mineral and Currency commodities
In his comment, the Managing Director, Ecobank Nigeria, Patrick Akinwuntan stated that Ecobank’s unique and large Pan-African platform positions the bank to support trade at all levels. According to Mr. Akinwuntan the Ecobank’s technology platform is designed to help unlock the opportunities of the continent, through standardization across 33 countries, thereby fueling regional integration, trade and investment across borders.
Mr. Akinwuntan praised the tenacity of the initiators of the Lagos Commodities and Futures Exchange in their quest to formally trade across the continent. He assured them of Ecobank’s support whilst also noting that relevant regulators will be carried along.
In his words, Akinwuntan said “the need for a commodity Exchange is long overdue and we are confident of the capacity of the Board and Management of the Lagos Commodities and Futures Exchange to close this gap. Ecobank’s approach to doing business in Africa is to create a united and integrated platform that reflects the values of Africa as a whole whilst leveraging its diverse talents and resources to tackle its common challenges and realize its immense opportunities as one market.
Further, he reiterated that “with a larger African footprint than any other bank in the world operating in West, Central East and Southern Africa, we are the only bank that spans 36 African countries, but operates a truly integrated African network. That is One unified integrated Ecobank Mobile Banking App, that works seamlessly across all 33 operating countries in Africa; One Ecobank Omni and Omnilite serving all Multinationals and SMEs in Africa; One Rapidtransfer app that breaks down country borders and allows the diaspora community send money directly to their loved ones, instantly and affordably across Africa; One Ecobank Online Banking platform that you can access easily whether you are in Abuja or Kinshasha.”
Also speaking, Akintayo Dada, Executive Director, Corporate Banking said “Ecobank is determined as the Pan Africa bank to contribute to the development and advancement of the continent through financial integration with uniform world –class practices and proprietary technologies.
“Ecobank offers a comprehensive suite of digital financial services to meet the challenge of modern banking across all its business segments, which includes Consumer, Commercial and Corporate Banking. We provide solutions that make banking more instant, affordable, convenient and accessible for everyone on the continent and beyond, from international corporations to the local consumer”. He stated
Mr. Dada thanked the Lagos Commodities and Futures Exchange team for their trust in Ecobank and assured them of the bank’s support.
About Ecobank Nigeria Limited
Incorporated as a public limited liability company on October 7, 1986, Ecobank Nigeria Ltd is a subsidiary of Africa’s leading independent banking group, Ecobank Transnational Incorporated (ETI). The Group employs 15,930 people in 40 different countries in over 940 branches and offices. Ecobank is a full-service bank providing wholesale, retail, investment and transaction banking services and products to governments, financial institutions, multinationals, international organizations, medium, small and micro businesses and individuals.
With a larger African footprint than any other bank in the world operating in West, Central, East and Southern Africa, Ecobank is the only bank that spans 36 African countries yet operates a truly integrated African network. That is One unified integrated Ecobank Mobile Banking App, that works seamlessly across all 33 operating countries in Africa; One Ecobank Omni and Omnilite serving all Multinationals and SMEs in Africa; One Rapid transfer app that breaks down country borders and allows the diaspora community send money directly to their loved ones, instantly and affordably across Africa; One Ecobank Online Banking platform that you can access easily whether you are in Abuja or Kinshasha.
Ecobank’s unique and largest pan-African platform is designed to help unlock the opportunities of the continent, for the continent, through standardization, fuelling regional integration, and trade and investment across borders.
Due to Ecobank’s sterling performance, it has been severally recognized; Most recently as ‘Best Retail Bank in Africa 2019’ at African Banker Awards; Most Admired Financial Services Brand in Africa 2019 by Brand Africa 100; Best Digital Bank in Africa – 2017 by Euromoney Awards; Best Retail Bank and Innovation in Banking both in 2018 by the African Banker Awards.
In November 2013, the Central Bank of Nigeria designated Ecobank Nigeria as systemically important to the economy.
About Lagos Commodities and Futures Exchange (LCFE)
LCFE is a Commodities and Futures Exchange incorporated for the purpose of establishing a formal transparent platform for commodities and futures trading in Nigeria in order to engender a structured transparent trading platform for commodities, currencies, solid minerals, Oil and Gas.
Lagos Commodities and Futures Exchange was granted final approval by the Securities and Exchange Commission on the 14th of June, 2019. LCFE will propel price information, price discovery, risk management, income enhancement and provide the platform to execute the trades. LCFE is an avenue to enlarge the capital market and provide another veritable opportunity for the operators and investors to generate more income. LCFE is currently forging strategic partnerships along the commodities value chain in order to actualise its vision of a unified Commodities ecosystem rather than one whose players act in silos.
Upon commencement of trading activities LCFE aims to be the first Energy Exchange in Africa. The Exchange hopes to lock in on the newly signed African continental free trade agreement (ACFTA) to gain dominance in the West African region with a view to becoming the first pan African Commodities Exchange in Africa.
LCFE has installed a robust technology trade matching engine linked to a world class Central Securities Depository (CSD), CSCS Plc through which all trades will be settled by settlement banks while creating the capacity to trade on multiple currencies.
LCFE’s value proposition is focused on the growth of Nigeria’s economy with a move from being an import dependent country to one that is not only capable of satisfying its local demand but also will actively participate in the global exporting activities.