Afreximbank Opens New Markets for Jamaica — Are Our SMEs Ready?
Imagine a Jamaican coffee producer not just shipping beans to the US or the UK but striking a deal with a growing café chain in Lagos. Or a local agro-processor landing a contract to supply the booming hospitality sector in Nairobi. That’s the kind of horizon that is now opening up for Jamaican small and medium-sized enterprises (SMEs) following the Government’s signing of a membership agreement with the African Export-Import Bank (Afreximbank).
In today’s dynamic business environment, access to capital is the fuel that keeps businesses going, and new markets give businesses an avenue to scale, employ more people, and become more profitable. In Jamaica, SMEs are the engine of the economy. They employ 60–70 per cent of Jamaica’s workforce, account for over 90 per cent of private sector employment, and represent around 44 per cent of GDP. Yet, despite their importance to the economy, an IDB study confirms what many business owners already know: Smaller firms face steeper barriers to accessing capital. Afreximbank’s US$1.5-billion regional credit pool could help improve access – not just to financing, but also access to new markets, partnerships, and opportunities that were once out of reach.
Afreximbank is a Pan-African multilateral financial institution mandated to finance and promote intra- and extra-African trade. Its mission is to stimulate a consistent expansion, diversification, and development of African trade, and to be a centre of excellence in African trade matters. Its services include trade guarantees, export financing, and capacity-building programmes. It has an agreement with Caricom that will facilitate its expanded ambitions to improve inter-regional cooperation with Africa in areas of mutual interest to achieve development. Additionally, through this recently signed agreement with Jamaica, it is seeking to collaborate with local banks, through the Bank of Jamaica, to enhance foreign currency liquidity and support public and private investments. In practical terms, that means an SME can access funds to expand production, secure guarantees to win foreign contracts, and get help with navigating cross-border regulations. The African Development Bank projects the continent’s economy to grow by 3.7 per cent in 2025, resulting in an increase in demand for goods and services. For Jamaica, this is a chance to diversify its export markets. According to the Statistical Institute of Jamaica, domestic export earnings grew by 11.0 per cent in 2024. However, the country continues to spend three to four times more on imports than it earns from exports. This trade imbalance highlights the importance of securing new financing channels and exploring untapped markets, particularly in regions like Africa, as critical steps for driving export earnings and Jamaica’s economic growth. Securing new markets is especially important given the policy direction of Jamaica’s major trading partner. Afreximbank’s track record, US$33 billion in assets in 2024 and a strong history in trade financing, shows it backs businesses that are well-prepared and able to deliver.
Access to capital can power expansion, but businesses must be “road-ready” before they hit the accelerator. That means SMEs need to ensure they have up-to-date financial records, efficient operations that can be scaled, and, most importantly, understand the requirements of trade finance and export contracts. They should be formally registered, tax-compliant, and operate with sound financial and governance practices. Since Afreximbank’s focus is on trade and investment between Africa and the Caribbean, the business should demonstrate a clear interest or capacity to engage in cross-border trade, whether through exporting Jamaican goods or services to African markets or partnering with African companies. The question is: How many Jamaican SMEs are in a position to capture the first wave of opportunities?
If you would like to tap into this opportunity, the next steps are clear:
1. Learn about the offering: Businesses can engage with local institutions such as the Development Bank of Jamaica (DBJ) to ask about the Afreximbank-linked financing or guarantees, or if they can support you in becoming eligible. Additionally, businesses can receive guidance from Jamaica Promotions Corporation (Jampro) on export-readiness and Africa-focused trade opportunities.
2. Evaluate your export readiness: Are you able to fulfil larger orders, ensure timely delivery, and comply with international standards such as proper packaging and ISO (International Organisation for Standardisation) certification?
3. Strengthen your partnerships: Build solid connections with trusted suppliers, logistics companies, and export support agencies. Strong partnerships increase your ability to deliver consistently, manage cross-border trade effectively, and demonstrate reliability to Afreximbank and potential African business partners.
While no local bank in Jamaica has formally launched an Afreximbank programme just yet, SMEs should equip themselves with the necessary information and seek guidance from the relevant government agencies and institutions on how to improve their readiness. Some institutions, such as NCB Capital Markets Limited (NCBCM), are already helping SMEs access financing and structured solutions that provide the capital needed to grow their businesses and prepare them to tap into new market opportunities.
Caribbean nations, such as Barbados, have successfully leveraged Afreximbank membership to promote exports and develop SME-friendly financing products. Jamaica can do the same, but only if its businesses engage now. Afreximbank is not a magic bullet, but it is a high-powered engine. Those who are ready to fuel up, steer strategically, and drive with discipline could find themselves entering markets that once seemed unreachable. Jamaica has started the engine by joining Afreximbank. Now it’s up to us to take the wheel and drive forward.
If you would like to discuss how to align your investments with your goals, NCB Capital Markets Limited is here to help. Email ncbcapinfo@jncb.com or call 876-960-7108 to speak with an advisor today.