TDB, dltledgers boost trade finance in Africa via blockchain

The Eastern and Southern African Trade and Development Bank (TDB) and dltledgers have announced their most recent three-year agreement, via which TDB aims to scale-up the volume of trade finance transacted via blockchain in Africa using dltledgers’ platform.

TDB and dltledgers have been collaborating since 2019 on the use of distributed ledger technology to execute end-to-end trade finance on the continent. That first year, $22 million in white cane sugar was imported from India by Ethiopia, with Singapore-based Agrocorp as the seller and trading company, and all trade finance activities concluded via blockchain. With this maiden transaction, TDB became the first African DFI to conclude a trade finance transaction using blockchain.