A subsidiary of Zenith Bank, Zenpay Limited, has partnered with the African Continental Free Trade Area (AfCFTA) Secretariat to launch the SMARTAfCFTA Portal with the aim of revolutionizing trade within Africa.
The agreement was signed by Chairman of Zenpay Limited, Dr. Ebenezer Onyeagwu and Secretary-General of AfCFTA Secretariat, Wamkele Mene at Zenith Bank’s Head Office in Lagos.
The collaboration comes after the signing of a Memorandum of Understanding (MoU) during Zenith Bank’s recent International Trade Seminar on Non-Oil Exports.
Onyeagwu expressed excitement about the partnership, emphasizing the importance of increasing intra-African trade to boost prosperity across the continent.
On his part, Mene commended Zenith Bank for its commitment to the project, highlighting the significance of the SMARTAfCFTA Portal in empowering SMEs and young entrepreneurs in Africa.
The platform will provide crucial trade data, insights on rules of origin, and market intelligence to facilitate trade within the continent.
Mene, who also discussed the Pan-African Payment and Settlement System (PAPSS) and its relationship with the SMARTAfCFTA Portal, stressed that the two platforms will complement each other, while maintaining that integrating the digital ecosystem into PAPSS remains crucial to support a seamless continental payment system.
The SMARTAfCFTA Portal aims to streamline trade across Africa by providing information on trade indicators, market trends, custom tariffs, trade agreements and export potential.
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Zenpay Limited, a Fintech company responsible for digital innovation and payments, will play a key role in developing and deploying the portal.
The AfCFTA is a lofty trade agreement that aims to boost intra-Africa trade and promote economic integration on the continent and by eliminating barriers to trade, the AfCFTA seeks to enhance trade in value-added production and services sectors, with the potential to increase trade by about 52.3 percent.
Overall, the partnership between Zenith Bank and the AfCFTA Secretariat marks a significant step towards transforming African trade and fostering economic growth and development on the continent.
