Keystone Bank Limited has partnered with the African Export-Import Bank, Afreximbank, and other multilateral agencies to host the maiden edition of the Creative Africa Exchange Weekend CAX WKND in Kigali, Rwanda.
This new partnership highlights the bank’s commitment to the growth and development of Africa’s creative industry.
In a statement from the organisers, the Creative Africa Exchange Weekend is going to be the first African continental event designed to promote exchange within the creative and cultural industry.
“CAX is a consolidated marketplace for the creative and cultural industry. It was developed as the catalyst that brings together the identified assets and resources within the creative industry’s ecosystem, enabled by cutting-edge technology to consolidate the resources that create a viable, monetisable and impactful African creative and cultural economy.
“CAX aims to facilitate investments into the industry through trade, industrialisation and provision of critical infrastructure to support the transformation of Africa through mobilising continental initiatives such as African Continental Free Trade Agreements,” it stated.
Accentuating its commitments, Keystone Bank group’s executive director, Adeyemi Odusanya said:
“There is a misconception of ‘mistrust’ between creative industry practitioners and the banking community, rather the issue is, and both parties need to seek better understanding of their respective peculiarities.
“For instance, creative industries practitioners are concerned of the stringent conditions of accessing finances from banks, while the bankers intend to comply with their mandate of protecting depositors’ assets, provide optimum return on investment to investors as much as reducing their cost of risk.
“These concerns call for greater partnership/collaborations between both parties with putting together structures and platform that address the issues of intellectual properties, legal systems as well as the protection of the value chain framework for ease of advocacy and execution of common goals.
“In the motion industry, most finances are targeted at content development and production (which ideally should be financed by equity, while the real obstacles are the packaging, marketing and distribution stages which might require financing for the real heavy lifting for that business.
“Hence, the focus should be on developing a platform (like physical/virtual room) and structure for knowledge sharing and collaboration”, he said.
Meanwhile, Afreximbank disclosed that from its end, the company would be donating $500 million in support for the production and trade of African cultural and creative products over the next two years.