FDH Bank says Atex critical platform for business growth

FDH Bank plc says their partnership with Egypt -based Africa Export and Import Bank (Afreximbank) through the African Trade Exchange (Atex) is a critical platform for growth of local businesses and the economy.

In a statement following the FDH Bank plc-Atex Customer Breakfast in Lilongwe, the bank’s managing director Noel Mkulichi said as a token of appreciation and a symbol of their commitment, the bank is offering an opportunity to connect local businesses with international importers and exporters, paving the way for fruitful partnerships.

He said: “As a bank that champions growth, we look at this as a great avenue for growth of your businesses and the country at large.

“The Malawi 2063 aims to transform Malawi into a wealthy and self-reliant industrialised upper-middle-income country by year 2063, we believe with these strides and continuous innovation, we can achieve this goal.”

Mkulichi said their sponsorship to Atex—a global marketplace platform ensuring convenient and transparent trade by connecting verified importers and exporters—will ensure a number of benefits.

He cited access to the platform’s verified suppliers and buyers, including supplier and buyer verification and matching, access to a trusted platform that offers competitive rates due to economies of scale and access to real-time information on pricing, product data and seasonality.

In November last year, Afreximbank and the Malawi Stock Exchange-listed bank signed a $10 million Atex facility agreement at the Third Intra-African Trade Fair (IATF 2023) in Cairo, Egypt.

Afreximbank director and global head of trade finance Gwen Mwaba said Atex is a beacon for transparent and competitive access to critical supplies such as food, fertilisers, and agricultural chemicals.

“This deal would support importation of strategic and enabling commodities such as fertiliser and fuel in Malawi,” she said.