Cross Border Trade Finance: A Study of West African Economic and Monetary Union (WAEMU)

                @article{CRSIJ26000485,
                  author = {Adeyemi John Olarewaju, Horgan Amstrong Agustine},
                  title = {Cross Border Trade Finance: A Study of West African Economic and Monetary Union (WAEMU)},
                  journal = {Cosmo Research and Science International Journal},
                  year = {2026},
                  volume = {2},
                  number = {2},
                  pages = {933-945},
                  issn = {3108-1584},
                  url = {https://cosmorsij.com/published/CRSIJ26000485.pdf},
                  abstract = {The West African Economic and Monetary Union (WAEMU) was established in 1994 with the aim to create a cohesive economic space by harmonizing policies in key areas such as trade, infrastructure, and currency. The Union’s institutional framework is built on two core pillars: a customs union and a common market that guarantees free trade. Despite its ambitious framework, intra-regional cross border trade finance and trade within WAEMU remains low. In lieu of the background above, the study examined cross border trade finance in WAEMU. The specific objective of the study is to examine finance has help to promote cross border trade in WAEMU. The study used the technique of data visualization to analysed secondary information on cross border trade finance obtained on WAEMU. The findings indicated that, cross border trade finance emerges as a critical facilitator of trade. Nevertheless, exporters and importers in WAEMU face significant pre-export and pre-import financing needs, and with inadequate access to finance, many are unable to fulfil trade orders or scale operations to meet global standards. Moreover, WAEMU economies are generally characterised by small, open markets that remain highly vulnerable to external shocks. To move beyond these limitations, WAEMU must shift its approach from simply harmonising policies to implementing a more comprehensive strategy that addresses these key challenges head-on. This strategy must prioritise trade finance and physical infrastructure development, particularly in transportation and energy sectors, to ensure better connectivity between member states and reduce trade costs. In conclusion, the region’s capacity to address its finance challenges, infrastructural challenges, streamline trade processes and enhance governance will ultimately determine its success in reducing trade costs, fostering economic convergence, and ensuring inclusive development. As WAEMU takes bold steps toward tackling these challenges, it can become a model for regional economic integration in Africa.},
                  keywords = {Cross-border, CFA franc, Finance, Infrastructure, Trade finance, WAEMU},
                  month = {September}
        }