Zenpay, Zenith Bank’s Fintech Arm Teams Up With AfCFTA For Innovative Trade Portal

Zenpay Limited, a subsidiary wholly owned by Zenith Bank Plc, has forged an agreement with the African Continental Free Trade Area (AfCFTA) Secretariat. Together, they will develop and deploy the SMARTAfCFTA Portal, fostering trade facilitation within Africa.

The agreement signed by Ebenezer Onyeagwu, Chairman of Zenpay Limited, and Wamkele Mene, Secretary-General of AfCFTA, took place at Zenith Bank Headquarters on Ajose Adeogun Street, Victoria Island, Lagos, on Friday, May 3, 2024. This agreement follows a Memorandum of Understanding (MoU) inked by both parties during Zenith Bank’s 8th Annual International Trade Seminar on Non-Oil Export held on Wednesday, August 8, 2023.

During the agreement signing, Mr Onyeagwu expressed his enthusiasm for the collaboration with the AfCFTA Secretariat, highlighting its significance given the current understanding of trade flows in Africa.

In his words,

“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.

“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.”

Also speaking during the agreement signing, Mr Mene, Secretary-General of the AfCFTA Secretariat, expressed his delight over the partnership with Zenpay Limited in developing SMARTAfCFTA. He appreciated Jim Ovia, the Founder and Chairman of Zenith Bank Plc, for his commitment to the project.

According to Mr. Mene, he said the 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 margins to their stakeholders, but are motivated by our shared duty towards the continent”, he added.