Zenpay Limited, a subsidiary of Zenith Bank Plc, has established a pioneering collaboration with the African Continental Free Trade Area (AfCFTA) Secretariat to introduce the innovative SMARTAfCFTA portal. This endeavor is geared towards breaking down trade barriers, streamlining trade processes, and fostering increased trade activity within Africa.
The agreement, formalized by Ebenezer Onyeagwu, Chairman of Zenpay Limited, and Wamkele Mene, Secretary-General of the AfCFTA Secretariat, marks a significant stride towards nurturing pan-African cooperation in trade development. The signing event took place at Zenith Bank’s headquarters in Lagos, Nigeria.
This collaboration stems from a Memorandum of Understanding (MoU) signed during Zenith Bank’s international trade seminar on non-oil exports in August 2023.
Onyeagwu conveyed his excitement about the partnership, emphasizing its pivotal role in boosting intra-African trade and fostering economic unity. He noted the relatively low levels of intra-African trade compared to global trade and emphasized the potential for prosperity through increased trade within the continent.
The chairman clarified that the initiative is not profit-driven but rather motivated by a commitment to supporting the objectives of the AfCFTA, which seeks to establish a unified African market and standardize trade practices.
Wamkele Mene, Secretary-General of the AfCFTA Secretariat, lauded Zenith Bank’s dedication to the project and expressed satisfaction with the partnership in developing SMARTAfCFTA. He highlighted the platform’s significance in empowering SMEs and young entrepreneurs, promoting trade inclusivity, and offering vital trade data and insights.
Mene also touched upon the Pan-African Payment and Settlement System (PAPSS) in conjunction with the SMARTAfCFTA portal, positioning PAPSS as Africa’s payment infrastructure. He clarified that while SMARTAfCFTA is not a payment platform itself, it will seamlessly integrate with PAPSS, complementing each other to facilitate a cohesive continental payment system without creating rivalry among platforms.
The collaboration between Zenpay Limited and the AfCFTA Secretariat marks a noteworthy achievement in advancing trade facilitation and economic integration across Africa, ultimately contributing to the continent’s growth and prosperity.
