Date: 17/10/2023
RMB has become the first African bank to join the Komgo Network.
Rand Merchant Bank (RMB) is a leading African corporate and investment bank and part of the largest financial services group (by market capitalisation) in Africa, FirstRand Bank Limited.
RMB’s participation brings another layer of trust to our digital ecosystem, and unlocks a key geography for Komgo’s corporate clients.
The deployment will focus on Komgo’s transaction manager, Konsole, to streamline daily trade finance communications and instruments, as well as Market for credit risk and liquidity optimisation.
For flows in the context of guarantee issuance and receipt, letters of credit (import and export), credit appetite and deposit requests, as well as to book risk cover, discounting and LC confirmation deals, corporate users and FI partners can now engage with RMB across their significant footprint on the continent. In addition to a presence in 10 African countries, they also have access to a network of retail banks, representative offices and branches across Africa, the UK, India and the US.
“As the first African bank to join Komgo we are proud to pioneer digital trade services across the African continent that will enhance the African trade finance landscape. We look forward to facilitating seamless trade operations and driving efficiencies. This strategic initiative underscores our commitment to innovation and reaffirms our position as a leader in the industry."
Louis Du Plessis, Head of Trade Finance
RMB
“We’re excited to welcome RMB to the Komgo Network. They’re an important financing partner for many local corporates in a key economic hub. We look forward to working with RMB to harmonise and streamline their entire trade finance portfolio.”
Souleïma Baddi, CEO
Komgo
