When the AfCFTA became effective in January 2021, it boosted the business opportunities available for actors. Yet, some players are still left out because they have poor or no access to market information. Ancestral House Eastern Africa wants to address that issue.
Online trading platform Ancestral House Eastern Africa recently launched its activities to facilitate intra-African trades. With offices in Abuja, Nigeria, and Nairobi, Kenya, the platform acts like a facilitator offering administrative, technical, logistics, and commercial assistance.
According to Ancestral chairman Ose Imoukhuede (photo), although most African SMEs can easily export or import goods from other continents it is hard for them to carry out intra-African trades despite the yearly US$1 billion potential of the market.
Ancestral House Eastern Africa, therefore, wants to make intra-African trades easy for those firms by addressing a certain number of challenges. The said challenges are namely “lack of market information, inexperienced exporters/importers, poor logistics infrastructure, inefficient cross-border payment systems/infrastructure, cultural differences, gaps, and trust deficit, as well as varied Competitive landscapes.”
For the time being, the online trading platform will connect East and West African traders with services like business matchmaking, market research, logistics, consumer trends, and behaviors.
Ancestral connects “producers and consumers of goods and services across Africa through technology-driven go-to-market information and expertise,” explains chairman Ose Imoukhuede.
In January 2021, the African Continental Free Trade Area (AfCFTA) became effective in a market of 1.2 billion people covering 55 countries with combined GDP estimated to be some US$2.5 trillion. In those countries, SMEs represent 80% of the economic fabric but they are still struggling to penetrate overseas markets. With Ancestral’s trading platform, they can capitalize on regional markets to reach buyers outside the continent.
Ruben Tchounyabe
