Simon Umegbu, products manager of Standard Chartered Bank Nigeria Limited, has said that collaborative technologies such as AI, Open Banking and API-driven ecosystems are integral to the future of trade finance.
According to him, collaborative technologies foster speedy decision-making, offer alternative financing outcomes and drive economic growth along the trade value chains.
“Digitisation can result in enhanced efficiencies, cost optimization, improved client experience and product delivery, better risk management and compliance,” Umegbu said during the recent 2025 Global Trade Review (GTR) conference, held in Lagos with the theme ‘Financing growth in West Africa’s trade epicenter”, he said.
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The conference explored key conversations on the impact of ‘Trade War 2.0’, avenues to boost Africa’s export value chains, sustainable investments in social infrastructure, and the role of digitisation in driving operational efficiencies leveraging Agri-tech innovations and new financing models.
Umegbu stated that businesses generate tons of data which could be analysed by digital technologies and other smart device for intelligent insights that drive business growth. According to him, the bank’s engagement at such industry events further strengthens its position as an expert in trade finance and leader in providing innovative digital trade solutions.
Ibiyemi Okuneye, head of trade and transaction banking, Standard Chartered Bank Nigeria Limited, noted that GTR provides a platform for collaboration on emerging trends, technology and innovations and global best practices in trade finance.
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“Trade finance continues to evolve at a fast pace, with digital technologies and platforms helping businesses to streamline processes, manage payments/settlements, reduce costs and strengthen risk mitigation and compliance. Thus fostering transparency, speed of service delivery and economic growth across domestic and global networks”, she noted.
Okuneye also highlighted the rising importance of ESG compliance in supporting sustainable business and technology as a key driver of the future of trade finance. She stated that by embracing innovation and collaborating with fintech partners, businesses can better navigate and manage the challenges of domestic and cross border trade to drive long-term success.
She submitted that Standard Chartered Bank would continue to remain a strong market player in the trade finance space in Africa and West Africa in particular, providing cutting edge solutions to deepen trade facilitation and supporting participation in global value chains.
