In order to promote trade on the African continent, Zenpay Limited, a fully owned subsidiary of Zenith Bank Plc, and the African Continental Free Trade Area (AfCFTA) Secretariat have inked an agreement for the creation and implementation of the SMARTAfCFTA Portal.
As a follow-up to the Memorandum of Understanding (MoU) that was previously signed by both parties during the 8th Annual Edition of Zenith Bank’s International Trade Seminar on Non-Oil Export, which was held on Wednesday, August 8, 2023, the agreement was signed on Friday, May 3, 2024, at Zenith Bank Headquarters, Ajose Adeogun Street, Victoria Island, Lagos by His Excellency Wamkele Mene, Secretary-General of the AfCFTA Secretariat and Chairman of Zenpay Limited, Dr. Ebenezer Onyeagwu.
Dr. Ebenezer Onyeagwu, Chairman of Zenpay Limited, emphasised the importance of the partnership with the AfCFTA Secretariat during the agreement signing ceremony. He highlighted his excitement about the current understanding of trade flows in Africa.Dr. Onyeagwu stated, “Despite Africans making up 18% of the world population but contributing less than 5% to global GDP, intra-African commerce accounts for only around 20% of total trade in Africa, with the remainder moving outside. We hope that trade within Africa would contribute to the prosperity of the continent.”
He went on, “The necessity to promote the African Continental Free Trade Area is what motivates our initiative, not profit.By standardising norms and conventions, it seeks to strengthen economic integration and establish a single market for all of Africa.We anticipate substantial growth and improvement in intra-African commerce as we move this agenda forward.”
The AfCFTA Secretariat’s Secretary-General, His Excellency Wamkele Mene, also spoke during the agreement signing and expressed how happy he was about the collaboration with Zenpay Limited on the creation of SMSAfCFTA. For his dedication to the project, he expressed gratitude to Jim Ovia, CFR, the founder and chairman of Zenith Bank Plc.
“Four years ago, we discussed and envisioned SMARTAfCFTA as a digital platform to empower young entrepreneurs and SMEs in Africa, facilitating their inclusion in trade and boosting intra-African trade,” he stated. By providing insights on origin laws and market intelligence, this portal will act as a repository for important trade data and be vital in putting the AfCFTA agreement into effect.
This day serves as evidence that our African partners, in this instance Zenith Bank, are driven by our shared responsibility to the Continent and are committed to their stakeholders beyond their profit lines (zenith bank).
H.E. Mene addressed the Pan-African financial and Settlement System (PAPSS) in relation to the SMARTAfCFTA portal, referring to it as “Africa’s payment highway.”
He explained that SMARTAfCFTA is not a payment platform in and of itself, unlike PAPSS, but rather it will work in tandem with PAPSS to provide features that make payments simple. He highlighted that these platforms are not in competition with one another, but rather work in tandem. “PAPSS is the only payment platform that we support and advocate for.
Our intention is to include our emerging digital ecosystem into PAPSS. In order to promote a smooth continental payment system without inciting platform competition, we are dedicated to promoting innovation within this framework.”
SMARTAfCFTA (zenith bank) is an online platform created to help African public and private sectors with international trade by giving them access to the knowledge and resources they need. In addition to providing information on trade indicators, market trends, custom tariffs, trade agreements, Rules of Origin, market access requirements of relevant jurisdictions, export potentials, export diversification indicators, contact information of business partners in target markets, and other trade-related information about Africa, the Portal also aims to streamline and unlock vast opportunities for trade across the continent of Africa.
Information on ZENPAY Ltd.
Zenith Bank Plc’s wholly-owned subsidiary, Zenpay Ltd, is a private limited liability business that was lawfully founded in the Federal Republic of Nigeria. The Business. This innovative Fintech company handles digital innovation and payments, offering a one-stop shop for Fintech solutions.
The African Continental Free Trade Area (AfCFTA): An Overview
AfCFTA, or African Continental Free Trade Area, became operative on May 30, 2019, and is one of the main initiatives of Agenda 2063: The Africa We Want. A comprehensive trade agreement covering over 1.3 billion people, it is a high-aim trade deal that touches on important aspects of the African economy, including investment protection and digital trade, among other things. It aims to unite all 55 Member States of the African Union.
With the goal of removing trade obstacles inside the continent, the AfCFTA aims to greatly increase intra-African commerce, with a potential growth rate of 52.3 percent. This includes trade in value-added production and trade across all of Africa’s service sectors.
To learn more, please get in touch with:
Zenith bank
Accra, Ghana | Email: Grace.Khoza@au-afcfta.org | Principal Communications Advisor, African Continental Free Trade Area (AfCFTA) Secretariat
Email: elydora.matubanzila@au-afcfta.org; Ms. Elydora Matubanzila, Communications Officer, African Continental Free Trade Area (AfCFTA) Secretariat, Accra, Ghana
African Continental Free Trade Area | Division of Advocacy, Marketing, and Communication | Email: afcftacommunications@au-afcfta.org
Please visit our website, https://au-afcfta.org, for additional information.
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Source: press.ng
