Zenpay Limited, a subsidiary of Zenith Bank Plc, has partnered with the African Continental Free Trade Area (AfCFTA) Secretariat to launch the SMARTAfCFTA Portal aimed at enhancing trade within Africa. The agreement was signed by Dr. Ebenezer Onyeagwu, Chairman of Zenpay Limited, and His Excellency Wamkele Mene, Secretary-General of the AfCFTA Secretariat, at the Zenith Bank Headquarters in Lagos.
Dr. Ebenezer Onyeagwu expressed his enthusiasm for the collaboration, emphasizing the importance of increasing intra-African trade. He stated, "In Africa, intra-African trade constitutes only about 20% of total trade... By trading within Africa, we anticipate building prosperity across the continent."
Onyeagwu highlighted that the initiative is driven by the goal of supporting the AfCFTA and fostering economic integration within the continent. He added, "As we advance this agenda, we expect to see significant growth and improvement in intra-Africa trade."
His Excellency Wamkele Mene praised the partnership with Zenpay Limited, acknowledging the commitment of Jim Ovia, CFR, Founder and Chairman of Zenith Bank Plc, to the project. Mene described the SMARTAfCFTA Portal as a platform that will empower SMEs and young entrepreneurs in Africa, facilitating their inclusion in trade and boosting intra-African trade.
Mene clarified that the SMARTAfCFTA Portal is not a payment platform but will be interoperable with the Pan-African Payment and Settlement System (PAPSS), stating, "Our goal is to integrate the digital ecosystem we are developing into PAPSS... ensuring it supports a seamless continental payment system without creating competition among platforms."
The SMARTAfCFTA Portal is designed to provide essential information and tools to the African private and public sectors to streamline trade across the continent. It aims to unlock opportunities for trade by offering trade indicators, market trends, custom tariffs, trade agreements, and other trade-related information within Africa.
Alerts Sign-up