The African Export-Import Bank (Afreximbank) has stated that Africa must increase its factoring volumes to at least €240 billion in order to support economic transformation driven by small and medium-sized enterprises (SMEs) and improve their access to finance.
In a statement, Afreximbank highlighted the strategic importance of factoring and supply chain finance as effective tools to bridge the financing gap faced by African SMEs, while strengthening the continent’s value chains.
The bank noted that factoring volumes in Africa have grown significantly in recent years, rising from €21.6 billion in 2017 to around €50 billion in 2024. However, these levels remain far below Africa’s economic potential and financing needs.
Afreximbank also pointed out that nearly 200 factoring companies are currently operating across the continent, reflecting growing interest in this alternative financing mechanism. The bank nevertheless called for broader adoption and improved access to such instruments, particularly for SMEs, which play a central role in job creation and economic growth.
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