Tag: Dr. Ebenezer Onyeagwu

  • Trade: Zenith Bank Signs Smart Portal Pact With AfCFTA

    Trade: Zenith Bank Signs Smart Portal Pact With AfCFTA

    Zenith Bank Plc, on Tuesday, signed a Memorandum of Understanding (MoU) with the African Continental Free Trade Area (AfCFTA) to build a smart portal for trade on the African continent.

    Under the arrangement, Zenith is to fund the single portal for trade information with $1 million.

    The MoU was signed by the Group Chief Executive Officer of Zenith Bank, Dr. Ebenezer Onyeagwu and the Secretary-General of the AfCFTA, Wamkele Mene during the ongoing 2023 Zenith Bank International Trade Seminar in Lagos.

    Urging Africa to look inward for trade, the Zenith Bank GMD at the seminar themed: ‘Nigerian Non-Oil Export Industry, The Present, The Future’ said the need to drive Africa’s prosperity by Africans informed the idea of the single Africa trade portal.

    He said the portal would play a significant role in facilitating trade among African countries.

    He said: “With the MoU, Zenith will be developing the smart AfCFTA portal which is going to serve as a straight Porter that will showcase African products and services and where they can be found. With the development of this portal, one of the capabilities we are going to build in there is that you can see it in every part of Africa and market your products and services. You can see it in every part of Africa and identify whatever products and services you require that are in Africa.

    “If you look at Q1 exports in Nigeria, you will realize that 46.43% of non-oil exports in Nigeria go to Europe, 24.85% go to Asia, America 18.39%, and Africa 10.27%. And also, there is this tendency in Africa; the moment you are looking for an item you can’t find in your geography or region, the next thing you think of is how do I find it in Europe? How do I find it in the West? How do I find it in China? Now with the development of the AfCFTA portal, we are saying look for it in Africa before you look elsewhere.”

    On his part, the Secretary-General of the AfCFTA, Mene commended Zenith Bank for coming up with the idea of a smart trade portal for Africa and for funding it to the tune of $1 million.

    “What many of you may not be aware of and the MD may be too modest to say is that Zenith Bank was the first bank to come to me to say we want to partner with you. We went to see the chairman and the Chairman said that Zenith Bank wants to make a contribution to digitize trade in Africa. I’ve never been offered a million dollars before it was the first time when he said here is a million dollars.

    “The chairman said the one million dollars was to demonstrate the commitment as a bank to digitization in Africa”

  • Zenith Bank, AfCFTA Unveil SMARTAfCFTA Portal To Revolutionize African trade

    Zenith Bank, AfCFTA Unveil SMARTAfCFTA Portal To Revolutionize African trade

    Chairman of Zenpay Limited, Dr. Ebenezer Onyeagwu (left) and Secretary-General of the African Continental Free Trade Area (AfCFTA) Secretariat, Wamkele Mene, during the signing of a Memorandum of Understanding (MoU) for the development and deployment of  SMARTAfCFTA Portal to facilitate trade in Africa at Zenith Bank Head Office in Lagos.

    A subsidiary of Zenith Bank, Zenpay Limited, has partnered with the African Continental Free Trade Area (AfCFTA) Secretariat to launch the SMARTAfCFTA Portal with the aim of revolutionizing trade within Africa.

    The agreement was signed by Chairman of Zenpay Limited, Dr. Ebenezer Onyeagwu and Secretary-General of AfCFTA Secretariat, Wamkele Mene at Zenith Bank’s Head Office in Lagos.

    The collaboration comes after the signing of a Memorandum of Understanding (MoU) during Zenith Bank’s recent International Trade Seminar on Non-Oil Exports.

    Onyeagwu expressed excitement about the partnership, emphasizing the importance of increasing intra-African trade to boost prosperity across the continent.

    On his part, Mene commended Zenith Bank for its commitment to the project, highlighting the significance of the SMARTAfCFTA Portal in empowering SMEs and young entrepreneurs in Africa.

    The platform will provide crucial trade data, insights on rules of origin, and market intelligence to facilitate trade within the continent.

    Mene, who also discussed the Pan-African Payment and Settlement System (PAPSS) and its relationship with the SMARTAfCFTA Portal, stressed that the two platforms will complement each other, while maintaining that integrating the digital ecosystem into PAPSS remains crucial to support a seamless continental payment system.

    The SMARTAfCFTA Portal aims to streamline trade across Africa by providing information on trade indicators, market trends, custom tariffs, trade agreements and export potential.
    Zenpay Limited, a Fintech company responsible for digital innovation and payments, will play a key role in developing and deploying the portal.

    The AfCFTA is a lofty trade agreement that aims to boost intra-Africa trade and promote economic integration on the continent and by eliminating barriers to trade, the AfCFTA seeks to enhance trade in value-added production and services sectors, with the potential to increase trade by about 52.3 percent.

    Overall, the partnership between Zenith Bank and the AfCFTA Secretariat marks a significant step towards transforming African trade and fostering economic growth and development on the continent