African Export-Import Bank (Afrexim Bank) has launched a new subsidiary, Afrexinsurance, which aims to provide solutions for trade-related risks in Africa. The newly established Afrexinsurance will provide services such as trade credit insurance, political risk insurance, and trade finance guarantees.
According to the President of Afrexim Bank, the establishment of Afrexinsurance is part of the bank’s commitment to promoting trade and investment in Africa by mitigating risks associated with trade. He further stated that Afrexinsurance would be a game-changer in the African insurance industry.
Afrexim Bank is known for its role in promoting and financing trade in Africa. The bank has been instrumental in providing financial support to African businesses, especially small and medium-sized enterprises (SMEs). The establishment of Afrexinsurance is expected to further support SMEs by providing them with access to insurance services that are tailored to their needs.
Overall, the launch of Afrexinsurance is a significant development in the African insurance industry. It is expected to provide African businesses with the necessary cover to mitigate trade-related risks and facilitate cross-border trade.