Zenith Bank, AfCFTA Launch Innovative Smart Trade Portal

Zenpay Limited, a wholly owned subsidiary of Zenith Bank Plc, has signed an Agreement with the African Continental Free Trade Area (AfCFTA) Secretariat for the development and deployment of the SMARTAfCFTA Portal to facilitate trade within the African continent.

The agreement which was signed by the Chairman of Zenpay Limited, Dr. Ebenezer

Onyeagwu and the Secretary-General of the AfCFTA Secretariat, His Excellency

Wamkele Mene, at Zenith Bank Headquarters, Ajose Adeogun Street, Victoria Island,

Lagos on Friday, May 3, 2024, comes as a follow-up to the Memorandum of

Understanding (MoU) which was previously signed by both parties during the 8th Annual

Edition of Zenith Bank’s International Trade Seminar on Non-Oil Export which was held

on Wednesday, August 8, 2023.

During the agreement signing, Dr. Ebenezer Onyeagwu, Chairman of Zenpay Limited,

expressed his enthusiasm for the collaboration with the AfCFTA Secretariat, highlighting

its significance given the current understanding of trade flows in Africa. Dr. Onyeagwu

noted, " 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.&quot.

He further stated, " 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 standardizing customs and practices. As

we advance this agenda, we expect to see significant growth and improvement in intra-

Africa trade.&quot.

Also speaking during the agreement signing, His Excellency, Wamkele Mene, Secretary-

General of the AfCFTA Secretariat, shared his delight over the partnership with Zenpay

Limited in developing SMARTAfCFTA. He appreciated Jim Ovia, CFR, Founder and

Chairman of Zenith Bank Plc, for his commitment to the project.

According to him, “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.”

Speaking about the Pan-African Payment and Settlement System (PAPSS) alongside

the SMARTAfCFTA portal, H.E. Mene described PAPSS as "Africa's payment highway."

He clarified that, unlike PAPSS, SMARTAfCFTA is not a payment platform itself but will

be interoperable with PAPSS, allowing functionalities that facilitate easy payments. He emphasized that these platforms complement each other; they are not in competition.

" We promote and encourage only one payment platform—PAPSS. Our goal is to

integrate the digital ecosystem we are developing into PAPSS. We are committed to

fostering innovation within this framework, ensuring it supports a seamless continental

payment system without creating competition among platforms.