Swazi Observer

FULL STORY

ESWATINI BUSINESSES GET SMART AFCFTA PORTAL BOOST

By Nomfanelo Maziya | 2024-05-12

Eswatini businesses, along with other nations, stand to gain significant advantages from the recent partnership between Zenpay Limited, a subsidiary of Zenith Bank Plc, and the African Continental Free Trade Area (AfCFTA) secretariat.

This collaboration aims to facilitate and boost intra-African trade through the development and deployment of the SMARTAfCFTA portal.

According to a press release issued by the AfCFTA secretariat on Sunday, Zenpay Limited, a wholly owned subsidiary of Zenith Bank Plc, has signed an agreement with the African Continental Free Trade Area 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, Wamkele Mene, at Zenith Bank Headquarters, Ajose Adeogun Street, Victoria Island, Lagos on Friday 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,” reads the press statement.

It states that the SMARTAfCFTA portal is a digital platform designed to empower businesses in Eswatini and across Africa.

Digital
“SMARTAfCFTA is a digital platform designed to facilitate international trade by providing the necessary information and tools to the African private and public sectors,” reads the release.

The portal aims to streamline and unlock vast opportunities for trade across the African continent, and has the capacity to 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 and contact details of business partners in target markets and other trade-related information about Africa, according to the release.

During the signing ceremeony Dr. Onyeagwu, 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 that Africa’s 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 five per cent to global GDP.

“By trading within Africa, we anticipate building prosperity across the continent,” he said.
Dr. Onyeagwu further emphasised that this initiative was not driven by profit but by the need to support the African Continental Free Trade Area.

Also speaking during the agreement signing, shared his delight over with 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.

Create
“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 said.

According to him, four years ago SMARTAfCFTA was discussed and envisioned 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,” he said.

share story