Zenpay Limited, a subsidiary of Zenith Bank Plc, has signed an agreement with the African Continental Free Trade Area (AfCFTA) for the development and deployment of the SMARTAfCFTA portal to facilitate trade in Africa.
The agreement was signed by the Chairman of Zenpay Limited, Dr. Ebenezer Onyeagwu, and the Secretary-General of the AfCFTA Secretariat, Wamkele Mene, at Zenith Bank Headquarters in Lagos on Friday, May 3, 2024.
The company noted that the agreement signing came as a follow-up to the Memorandum of Understanding (MoU) which was previously signed by both parties during the 8th Annual Edition of Zenith Bank’s International Trade Seminar on Non-Oil Export on August 8, 2023.
Speaking at the agreement signing, Onyeagwu expressed enthusiasm for the collaboration with the AfCFTA, highlighting its significance given the current understanding of trade flows in Africa.
Onyeagwu said: “In Africa, intra-African trade constitutes only about 20 per cent of total trade, with the rest going overseas, despite Africans making up 18 per cent of the world population but contributing less than 5 per cent to global GDP.
“By trading within Africa, we anticipate building prosperity across the continent.
“This initiative is not driven by profit but by the need to support the African Continental Free Trade Area.
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“It aims to create a unified African market, enhancing economic integration and standardising customs and practices. As we advance this agenda, we expect to see significant growth and improvement in intra-Africa trade.”
On his part, Mene expressed his delight over the partnership with Zenpay Limited in developing SMARTAfCFTA.
He thanked the Founder and Chairman of Zenith Bank, Jim Ovia, for his commitment to the project.
He said: “Four years ago, we discussed and envisioned SMARTAfCFTA as a digital platform to empower SMEs and young entrepreneurs in Africa, facilitating their inclusion in trade and boosting intra-African trade.
“This platform will serve as a repository for crucial trade data, offering insights on rules of origin and market intelligence, thus playing a pivotal role in implementing the AfCFTA agreement.
“Today (Friday) is a testament that working together with our African partners in this case, Zenith Bank, shows that their commitment goes beyond their profit margins to their stakeholders, but are motivated by our shared duty towards the continent.”
According to Zenpay, SMARTAfCFTA is a digital platform designed to facilitate international trade by providing the necessary information and tools to the African private and public sectors.
The portal aims to streamline and unlock vast opportunities for trade across the African continent and has the capacity to provide information like trade indicators, market trends, custom tariffs, trade agreements, rules of origin, market access requirements of relevant jurisdictions, export potentials, export diversification indicators, and contact details of business partners in target markets and other trade-related information about Africa.
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