Board of Directors Expands with Two New Members Elected by IFG
In a strategic move aimed at advancing factoring services in Africa, Afreximbank's Benedict Oramah and HSBC's Steve Box have been appointed as new board members for the International Factors Group (IFG).
Benedict Oramah, the head of Afrexim's research, strategic planning, co-operation, business development, syndications, and investment banking operations, is expected to bring his extensive experience to the table. His work with Afreximbank is anticipated to be instrumental in the growth of factoring in the African continent.
Steve Box, a global figure in the commercial finance industry, brings over 30 years of experience to the IFG. Currently responsible for HSBC's trade businesses in 19 countries and its receivables businesses in 10 countries, Box's appointment underscores the significance of the global association of leading factoring companies and financial institutions, specialising in accounts receivable finance, in the African market.
Erik Timmermans, secretary general of IFG, expressed his delight at the new appointments, stating that both Oramah and Box bring great value and experience to the organisation.
The news of these appointments continues a pattern of increasing prominence for factoring in the African continent. Recently, Afreximbank launched a US$3 billion intra-African oil facility and signed a US$300 million deal to support Congolese crude oil production. These initiatives underscore the bank's commitment to the development of factoring in the Africa region.
Oramah's role at Afrexim is expected to contribute to the successful development of factoring in the Africa region, while Box's expertise in global commercial finance is expected to enhance the IFG's ability to serve the specific needs of African businesses.
The International Factors Group (IFG) is the trade body for the factoring, invoice financing, and asset-based lending industry. With an eight-member board responsible for strategy and management, the IFG plays a crucial role in promoting trade finance solutions tailored to African businesses and facilitating access to working capital and risk mitigation in the region.
For more detailed information about the IFG's new board members and their strategic importance to Africa, please visit the official IFG website or check recent press releases directly from the International Factors Group.
The appointments of Benedict Oramah and Steve Box to the International Factors Group (IFG) board are significant, as their expertise in finance and business will contribute to the development and growth of factoring in Africa. Benedict Oramah, with his extensive experience in investment banking operations at Afreximbank, is expected to bring valuable insights to the table, while Steve Box, a global figure in the commercial finance industry, will enhance the IFG's ability to serve the specific needs of African businesses with his 30 years of experience.
