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

The agreement 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, recently. The agreement is a follow-up to the Memorandum of Understanding (MoU), which both parties signed during the 8th Annual Edition of Zenith Bank’s International Trade Seminar on Non-Oil Export, held on Wednesday, August 8, 2023.

Dr Onyeagwu, the Chairman of Zenpay Limited, expressed his excitement about partnering with the AfCFTA Secretariat during the agreement signing. He emphasised the importance of this partnership, especially given the current understanding of African trade flows. Dr Onyeagwu pointed out that intra-African trade makes up only 20% of total trade in Africa, with the rest going overseas, despite Africans making up 18% of the world's population but contributing less than 5% to the global GDP. He believes that by trading within Africa, prosperity can be built across the continent.

Dr Onyeagwu explained that the initiative is not profit-driven but aims to support the African Continental Free Trade Area. Its primary goal is to create a unified African market, enhance economic integration and standardise customs and practices. As the agenda advances, significant growth and improvement in intra-Africa trade are expected.

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. He 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 pivotal in implementing the AfCFTA agreement. Today is a testament that working with our African partners, in this case, Zenith Bank shows that their commitment goes beyond their profit margins to their stakeholders, but they 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 but will be interoperable with PAPSS, allowing functionalities that facilitate easy payments. He emphasised 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."

SMARTAfCFTA is a digital platform facilitating international trade by providing information and tools to the African private and public sectors. The Portal aims to streamline and unlock vast opportunities for trade across the African continent. It can provide information like trade indicators, market trends, custom tariffs, trade agreements, Rules of Origin, market access requirements of relevant jurisdictions, export potentials, export diversification indicators, contact details of business partners in target markets and other trade-related information about Africa.

ZENPAY Ltd 

Zenpay Ltd is a private limited liability company duly incorporated under the laws of the Federal Republic of Nigeria as a wholly owned subsidiary of Zenith Bank Plc. The company is a one-stop revolutionary financial technology (Fintech) company responsible for digital innovation and payments.

The African Continental Free Trade Area (AfCFTA)

The African Continental Free Trade Area (AfCFTA) is one of the flagship projects of Agenda 2063: The Africa We Want and entered into force on 30 May 2019. It is a high-ambition trade agreement which aims to bring together all 55 Member States of the African Union, covering a market of more than 1.3bn people, with a comprehensive scope that includes critical areas of Africa’s economy, such as digital trade and investment protection, amongst other areas. By eliminating barriers to trade in Africa, the AfCFTA aims to significantly boost intra-Africa trade, particularly in value-added production and trade across all services sectors of Africa’s economy, at a potential of 52.3%.