Kanayo Awani, Executive Vice President of Intra-African Trade Bank at Afreximbank, has been elected to the Executive Committee (EXCOM) of FCI, the global representative body for the factoring, invoice financing, and asset-based lending industry.
Awani was unanimously elected at FCI’s 55th Annual Meeting in Marrakech, Morocco on 2 November 2023 to represent FCI’s Affiliate Members. She was supported by Afreximbank and joined by Doaa Hafez, General Manager and Head of Technical Functions at Egypt Factors, as the second delegate from Africa to be voted into the FCI Executive Committee. Their election strengthens Africa’s position in the world’s leading factoring body and reflects the growing importance of the African market.
“I’m honoured to contribute to shaping FCI’s strategy for the increasingly important African market; to serve as a valuable resource for FCI Members seeking to enter the African market; to provide the trust and confidence emerging African Factors need at the early stages of factoring and to continue to help boost the overall FCI global influence and membership,” said Kanayo Awani.
Awani’s election also recognises Afreximbank’s efforts in promoting factoring in Africa. The Bank has built a strong bond with FCI, supporting the growth of factoring in Africa, nurturing the Africa Chapter, and significantly increasing its membership. Afreximbank has initiated innovative programmes to promote factoring in Africa, such as the development and promotion of a factoring model law, which has been adopted by six countries and is being considered by the parliaments of several African countries including Senegal and Nigeria. The Bank has also supported factoring transactions of up to $100m in the last five years and has leveraged its influence to attract grant capacity from the African Development Bank (AfDB) and other partners towards capacity building of African Factors.
FCI has more than 400 members in 90 countries and 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.