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.”
Also speaking during the agreement signing, Secretary-General of the AfCFTA Secretariat, Wamkele Mene, 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.”
