Ghana and UK collaborate to develop Neofingo Digital Trade Finance Corridor
ODI Global, in partnership with Ghana’s 24-Hour Economy Authority and the AfCFTA Secretariat, has initiated the development of a digital trade finance network known as Neofingo.
The initiative was unveiled at a forum held simultaneously in Accra and London, bringing together key stakeholders in trade finance and digital innovation.
Neofingo is designed as a Digital Trade Finance Corridor to help bridge Ghana’s trade finance gap by linking UK neobanks with Ghanaian and African fintech ecosystems. A statement issued in Accra said the initiative aims to build a shared digital public infrastructure to support international trade.
It noted that the corridor would connect Ghanaian small and medium-sized enterprise (SME) exporters with global trade finance systems, including the Ghanaian diaspora. The initiative also leverages existing platforms such as the AfCFTA digital trade infrastructure and the London–Accra trade platform.
Ghana is estimated to face an annual trade finance gap of about seven billion US dollars, part of a broader deficit across sub-Saharan Africa. The statement explained that the gap is driven not only by limited capital but also by declining trust infrastructure, including reduced access to correspondent banking services, making it difficult for exporters—especially SMEs—to access trade instruments such as letters of credit.
The proposed corridor seeks to address these challenges by enabling secure digital trade documentation, compliance systems, and financing tools. It draws on Ghana’s fintech-friendly policies, the UK Electronic Trade Documents Act 2023, and global standards such as ISO protocols.
Mr. Augustus Goosie Tanoh, Presidential Adviser on the 24-Hour Economy, said the initiative would transform access to trade finance for African businesses, enabling small exporters to access the same financial tools as large international trading firms.
Dr. Sara Pantuliano, Chief Executive of ODI Global, noted that effective implementation of AfCFTA digital trade protocols could boost Ghana’s economy and create jobs. She added that the corridor would help close trade finance gaps and build trust within financial systems.
Mr. Ben Ainsley, Deputy Trade Commissioner at the British High Commission in Accra, said the initiative would strengthen trade and investment ties between Ghana and the United Kingdom.
“The UK and Ghana are already connected by people, history, and language,” he said, adding that Neofingo would add a financial layer to that connection and make it easier for businesses in both countries and the diaspora to trade, invest, and grow together.
The forum brought together financial institutions, fintech leaders, policymakers, and SMEs to explore the framework and implementation of the digital trade corridor.
Source: GNA