Zenith Bank’s subsidiary, Zenpay Limited, has partnered with the African Continental Free Trade Area (AfCFTA) Secretariat to launch the SMARTAfCFTA Portal, aimed at revolutionizing trade within Africa.
The agreement was signed by Dr. Ebenezer Onyeagwu, Chairman of Zenpay Limited, and Wamkele Mene, Secretary-General of the AfCFTA Secretariat, at Zenith Bank Headquarters in Lagos.
The collaboration comes after the signing of a Memorandum of Understanding during Zenith Bank’s International Trade Seminar on Non-Oil Export.
Dr. Onyeagwu expressed excitement about the partnership, emphasizing the importance of increasing intra-African trade to boost prosperity across the continent.
Mene, Secretary-General of the AfCFTA Secretariat, praised 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 also discussed the Pan-African Payment and Settlement System (PAPSS) and its relationship with the SMARTAfCFTA Portal, emphasizing that the two platforms complement each other.
He stressed the importance of integrating the digital ecosystem into PAPSS 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 potentials.
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 high ambition trade agreement that aims to boost intra-Africa trade and promote economic integration across the continent.
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 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.
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