Date: 18/10/2024
OCP Group, a global leader in the production and export of phosphate-based products, has successfully integrated Komgo's platform and Swift MT798 messages to receive Letters of Credit (LCs). This milestone underscores OCP’s commitment to digitalizing trade finance, reinforcing its position as Morocco’s largest company and a pioneer in adopting modern trade finance standards across Africa.
The integration of Swift MT798, a communication standard for trade finance, is one of the multiple channels available through Komgo’s platform, alongside Konsole APIs. This unique setup, which integrates several communication channels, allows OCP Group to seamlessly connect with all its banking partners at any time, from anywhere.
By offering this level of flexibility and connectivity, Komgo ensures that its clients have access to the most advanced trade finance business applications, enabling more efficient, secure, and scalable trade finance operations.
Farah Lahbib, Director in charge of Trade Finance and Credit, at OCP Group, commented:
“We are proud to be one of the largest African companies to embrace Komgo and leverage MT798 for our letter of credit transactions. OCP Group is committed to adopting cutting-edge digital solutions that enhance the efficiency and security of our trade finance processes.”
Partnering with Banks to Lead Africa’s Digital Transformation
OCP Group’s digital transformation journey was made possible through close collaboration with key banking partners, notably Banque Centrale Populaire (BCP), which played a significant role in this initiative. By working together, OCP is not only enhancing its own processes but also setting a benchmark for digital trade finance in Africa. The integration of Komgo aligns with OCP’s commitment to sustainability and innovation by reducing paper-based processes and streamlining trade activities.
Souleïma Baddi, CEO at Komgo, added:
“OCP Group’s decision to adopt Komgo’s solutions marks a major step forward for the trade finance industry. We are thrilled to support OCP in this digital transformation, enabling them to streamline operations and strengthen their international trade capabilities.”
