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Factoring is a proven financial tool that promotes economic growth, stability and opportunity for SMEs all over the world. As recently documented by FCI (the global leader in promoting and nurturing factoring and related receivables finance services), the size of the global factoring industry turnover in 2020 exceeded EUR 2.7tn, and only in 2020 for the first time in recent history did the industry record a decline YOY over 2019 results.
20/07/2021
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Faulu Microfinance Bank (Faulu) will lend more than Sh1bn (US$9.24m) to small enterprises in Nakuru, Nyandarua and Laikipia counties in Kenya in order the bank grow its presence and revenues.
20/07/2021
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Very Group, the UK’s second-largest ecommerce company, announced last week that its parent company, Shop Direct Holdings Limited (SDHL), was set to repay the outstanding debt to Greensill’s administrators. The SHDL is paying off its debt in full, as it weighs a flotation of Very Group. The outstanding debt si estimated to US$300m.
20/07/2021
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In order to bring liquidity to trade finance in Africa, CDC - the UK development finance institution - and Ecobank partnered. It is the first partnership between CDC Group and the Paris-based bank which is a subsidiary of Togo-headquartered Ecobank.
20/07/2021
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The Export-Import Bank of Korea (Kexim) has signed a US$30m finance facility with Deutsche Bank to support the Korean export apparel industry. The finance will be used by Kexim to acquire the export receivables of Korean apparel exporters who supply clothing to Gap Inc.
19/07/2021
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African Export-Import Bank (Afreximbank) has received a set of strong credit rating affirmations and 'positive' outlooks from Moody’s, Fitch Ratings, and GCR Ratings, underlining its resilient financial position and performance. The ratings reinforce the Bank’s access to capital at a competitive cost, ensuring the continued success of key strategic initiatives to stimulate African trade.
19/07/2021
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Ahead of a 25th release of World Factoring Yearbook, the publication’s editor Michel Bickers and Secretary General of FCI Peter Mulroy discuss the most tumultuous period in the history of global factoring including:
19/07/2021
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TAB Bank announces it has provided a textile company in California with an US$8.5m asset-based loan (ABL) facility. The facility was requested because the company’s previous lender was not able to provide additional availability to meet the company’s rapidly increasing sales.
19/07/2021
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Indian Finance Minister Nirmala Sitharaman is going to move the Bill to amend the Factoring Regulation Act, 2011, in the Lok Sabha (the lower House of Parliament) for consideration and passage.
19/07/2021
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The Central Bank of West African States (BCEAO) through its training center, the West African Center for Training and Banking Studies (COFEB), in partnership with AFREXIMBANK and the international factoring network, FCI, joined their forces to increase and improve the financing of the West African Monetary Union.
16/07/2021
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