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Zenith Bank’s Fintech Subsidiary Zenpay Partners AfCFTA on Innovative Trade Portal

By Oluchukwu Ikemefuna

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Zenith Bank Plc ’s fully-owned fintech subsidiary, Zenpay Limited, has entered into a landmark agreement with the African Continental Free Trade Area Secretariat, in a move expected to greatly expand intra-African trade. 

Zenith Bank’s Fintech Subsidiary Zenpay Partners AfCFTA on Innovative Trade Portal

The parties have executed a collaboration agreement that lays out the design and deployment of the innovative trade portal “SMARTAfCFTA.”

Simplifying Trade Through a Centralized Hub: The SMARTAfCFTA Portal

The SMARTAfCFTA portal is envisioned as a comprehensive platform that will streamline and simplify trade across the African continent. 

By acting as a central repository for crucial trade data, the portal will empower businesses with valuable insights into critical areas like:

Market Intelligence: Gain access to real-time information on market trends, consumer preferences, and competitor analysis across different African countries.

Rules of Origin: Navigate the complexities of trade regulations with clear and up-to-date information on rules of origin, ensuring compliance and facilitating smooth customs clearances.

This increased transparency is expected to play a pivotal role in the successful implementation of the AfCFTA agreement.

Zenpay Partners AfCFTA on Innovative Trade Portal: Empowering African Businesses

“This partnership between Zenpay and the AfCFTA Secretariat represents a significant milestone for fostering economic growth across Africa,” remarked Ebenezer Onyeagwu, Chairman of Zenpay Limited, during the signing ceremony. “The SMARTAfCFTA portal will equip businesses with the tools and information they need to navigate the trade landscape effectively, ultimately boosting intra-African trade and propelling the continent’s economic development.”

The AfCFTA agreement, which came into effect in 2021, aims to eliminate trade barriers within Africa, paving the way for a more integrated and prosperous continental market. 

The agreement holds immense potential to significantly boost intra-African trade, with estimates suggesting a potential increase of up to 52.3%. 

This growth is anticipated to be particularly pronounced in:

Value-Added Production

The agreement encourages the development and trade of African-made goods with higher value, fostering industrial growth and job creation across the continent.

Trade Across Service Sectors

The AfCFTA aims to liberalize trade in various service sectors, such as finance, tourism, and transportation, leading to a more diversified and dynamic African economy.

Wamkele Mene, the Secretary-General of the AfCFTA Secretariat, echoed Onyeagwu’s sentiments, highlighting the significance of the collaboration. “Today’s agreement serves as a testament to the power of collaboration between African institutions,” Mene stated. “Zenith Bank, through its fintech subsidiary Zenpay, has demonstrated a commitment that extends beyond profit margins. Their dedication to empowering African businesses aligns perfectly with the core objectives of the AfCFTA.”

Mene further emphasized the importance of the SMARTAfCFTA portal in conjunction with the Pan-African Payment and Settlement System (PAPSS)

He referred to PAPSS as “Africa’s payment highway,” underscoring its role in facilitating seamless cross-border transactions within the continent.

Read More: Thepeer, Nigeria-based Fintech, Shuts Down

Zenpay Partners AfCFTA on Innovative Trade Portal: The Road Ahead

Creating the SMARTAfCFTA portal is, therefore, a bold leap towards the ambitious objectives of the AfCFTA agreement. 

With access to a top Nigerian fintech firm like Zenpay, the AfCFTA Secretariat is ideally placed to empower African enterprises with the knowledge and tools necessary to succeed in the soon-to-be continent-wide market. 

Thus, through this cooperation with a subsidiary of Zenith Bank, the AfCFTA is proving itself as the transformative force in African trade we have always believed it would be.

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Oluchukwu Ikemefuna
Oluchukwu Ikemefuna

Oluchukwu Blessing Ikemefuna, a talented content writer from Anambra, Nigeria, found her writing passion in secondary school. Holding a degree in Biological Sciences from Federal University of Technology, Owerri, she specializes in blog writing across technology, finance, healthcare, education, and lifestyle sectors. With strong research and SEO skills, Oluchukwu creates engaging content globally. Her work aims to inspire and engage authentically while driving action. Outside work, she enjoys travel, reading, and movies as she grows as a skilled writer.

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