Zenpay Limited, a subsidiary of Zenith Bank Plc, has entered an agreement with the African Continental Free Trade Area (AfCFTA) Secretariat to develop and deploy the SMARTAfCFTA Portal.
The signing ceremony, which took place at Zenith Bank Headquarters in Lagos, marks a significant step towards enhancing trade within the African continent.
The agreement, signed by Chairman of Zenpay Limited, Ebenezer Onyeagwu, and Secretary-General of the AfCFTA Secretariat, Wamkele Mene, builds upon a memorandum of understanding (MoU) signed by both parties during Zenith Bank’s International Trade Seminar on Non-Oil Export in 2023.
Dr. Onyeagwu expressed his enthusiasm for the collaboration, highlighting its potential to revolutionize trade in Africa.
He said: “In Africa, intra-African trade constitutes only about 20% of total trade, with the rest going overseas, despite Africans making up 18% of the world population but contributing less than 5% 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. It aims to create a unified African market, enhancing economic integration and standardising customs and practices.
He added: “This initiative is not driven by profit but by the need to support the African Continental Free Trade Area. 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, Mr. Mene expressed enthusiasm over the partnership with Zenpay Limited in developing SMARTAfCFTA.
He appreciated Jim Ovia, the Founder and Chairman of Zenith Bank Plc, 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 is a testament that working together with our African partners in this case, Zenith bank, shows that their commitment goes beyond their progit margins to their stakeholders, but are motivated by our shared duty towards the Continent.”
