By Modupe Gbadeyanka
A portal to facilitate intra-African trade is to be developed by the African Continental Free Trade Area (AfCFTA) Secretariat in collaboration with Zenpay Limited, a wholly-owned subsidiary of Zenith Bank Plc.
The digital platform, according to a statement, will be known as SMARTAfCFTA, and will streamline and unlock vast opportunities for trade across the African continent, providing 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.
Speaking at the signing of the agreement last Friday in Lagos, the Chairman of ZenPay, Mr Ebenezer Onyeagwu, emphasised that, “This initiative is not driven by profit but by the need to support the AfCFTA
“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.”
He noted that, “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.”
On his part, the Secretary-General of the AfCFTA Secretariat, Mr Wamkele Mene, 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 profit margins to their stakeholders, but are motivated by our shared duty towards the continent.”
Business Post reports that last week’s event followed the Memorandum of Understanding (MoU) signed by both parties during the 8th Annual Zenith Bank’s International Trade Seminar on Non-Oil Export on Wednesday, August 8, 2023.