A special conference on the development of factoring in Africa is expected to take place tomorrow at the Movenpick Hotel in Accra.
The conference, which is at the instance of Factors Chain International (FCI), the world?s largest factoring chain, is the first-ever FCI factoring event to be held in Africa.
Senior FCI representatives, factoring experts, as well as top-notch members of local banks, are expected to attend.
According to the organisers, some topics to be discussed will include the mechanics of factoring, international factoring, how banks benefit from factoring, legal aspects of factoring, among others.
Factoring has expanded enormously around the globe, stemming from the rise of globalization and open account trade during the last three decades with total annual volumes now over 2 trillion Euros.
In the last three years alone, the industry has seen growth of 18 percent per year for domestic and 30 percent for international factoring.
In the coming years, Africa is expected to be the new growth market for this very flexible form of business finance.
Some key sponsors of the event are Activa International Insurance Ghana, Codix, HPD Software, Dancerace, BNP Paribas, Eurofactor, Hispania, ICC Ghana, Coface, MCB Factors and Societe General.
FCI, based in Amsterdam, is the world?s largest factoring chain with nearly 280 banks and factoring members and has been operating since 1968.
A pre-confab reception is slated for Movenpick Hotel this evening.
A business desk report
