Business
ZENITH FINTECH SUBSIDIARY ZENPAY LIMITED PARTNERS AfCFTA ON INNOVATIVE TRADE PORTAL
ZENITH FINTECH SUBSIDIARY ZENPAY LIMITED PARTNERS AfCFTA ON INNOVATIVE TRADE PORTAL
Zenpay Limited, a wholly owned subsidiary of Zenith Bank Plc, has signed an Agreement with the African Continental Free Trade Area (AfCFTA) Secretariat 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, His Excellency Wamkele Mene, at Zenith Bank Headquarters, Ajose Adeogun Street, Victoria Island, Lagos on Friday, May 3, 2024 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.
During the agreement signing, Dr. Ebenezer Onyeagwu, Chairman of Zenpay Limited, 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, “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.”
He further stated, “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 standardising customs and practices. As we advance this agenda, we expect tosee significant growth and improvement in intra-Africa trade.”
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. According to him, “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 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 progit margins to their stakeholders, but 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 itself 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 designed to facilitate international trade by providing the necessary 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, 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.
About 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. It is a one-stop revolutionary financial technology (Fintech) company responsible for digital innovation and payments.
About 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 1.3 billion 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 objective of the AfCFTA is to significantly boost intra-Africa trade, particularly trade in value-added production and trade across all services sectors of Africa’s economy, at a potential of 52.3 percent.
For further information, please contact:
Ms. Grace Khoza, Principal Communications Advisor | African Continental Free Trade Area (AfCFTA) Secretariat | E-mail: Grace.Khoza@au-afcfta.org | Accra, Ghana
Ms. Elydora Matubanzila, Communications Officer | African Continental Free Trade Area (AfCFTA) Secretariat| E-mail: Elydora.Matubanzila@au-afcfta.org | Accra, Ghana
Communication | Marketing | Advocacy Division, African Continental Free Trade Area |
E-mail: afcftacommunications@au-afcfta.org
To find out more, please visit our website: https://au-afcfta.org
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Business
CNG CAMPUS: 20 Federal Tertiary Institutions to Get CNG Conversion Centres and Refuelling Stations
CNG CAMPUS: 20 Federal Tertiary Institutions to Get CNG Conversion Centres and Refuelling Stations
…6 to be Fully Operational by May 2025
In alignment with President Bola Ahmed Tinubu’s commitment to affordable, clean, and sustainable energy, the Midstream and Downstream Gas Infrastructure Fund (MDGIF), in collaboration with Femadec Energy, is set to establish Compressed Natural Gas (CNG) conversion centres and refuelling stations across 20 federal tertiary institutions nationwide.
The Honourable Minister of Education, Dr Morufu Olatunji Alausa, recently convened a meeting with Vice-Chancellors and executives from Femadec Energy, MDGIF, and the Presidential Compressed Natural Gas Initiative (PCNGI) to finalise project details and ensure timely implementation.
Dr. Alausa emphasized the project’s significance: “This initiative not only aims to reduce transportation costs for our students and lecturers but also represents a pivotal step towards integrating clean energy solutions within our educational institutions.”
Echoing this sentiment, a representative from Femadec Energy stated: “Our collaboration with MDGIF and the federal institutions underscores our dedication to promoting sustainable energy. By introducing CNG infrastructure, we aim to provide cost-effective and environmentally friendly transportation options, fostering a culture of innovation and sustainability among the academic community.”
This project is designed to alleviate the high transportation costs faced by students and lecturers. It aligns with the administration’s Renewed Hope Agenda to leverage Nigeria’s abundant natural gas resources for cleaner, cheaper, and more sustainable transportation.
Six institutions are slated to have fully operational CNG facilities by May 29, 2025, demonstrating immediate impacts and paving the way for broader adoption nationwide.
#RenewedHope #CNGRevolution #CleanEnergy #SustainableTransportation #AffordableEnergy #GreenCampus
Business
Cyberpedia Internet Governance, Presidential Office of Digital Engagement & Strategy partner to Pioneer AI-Driven Civic Dialogue Initiative
Business
ASR AFRICA EMERGES WINNER OF THE CSR CHAMPION OF THE YEAR AWARD AT THE 2024 INDEPENDENT AWARDS
ASR AFRICA EMERGES WINNER OF THE CSR CHAMPION OF THE YEAR AWARD AT THE 2024 INDEPENDENT AWARDS
ASR Africa emerges the Corporate Social Responsibility Champion of the Year at the Independent Awards 2024 in Lagos recently. Dr Ubon Udoh, the MD/CEO of ASR Africa, represented the Chairman, Abdul Samad Rabiu (CFR, CON) at the event to receive the award on his behalf.
Dr. Ubon Udoh thanked the organisers of the Award for recognizing the immense contributions of Abdul Samad Rabiu in creating sustainable homegrown solutions in Nigeria and Africa at large, in the area of health, education, mentorship and social development. He noted that the award, no doubt, will serve as an impetus for ASR Africa to continue to do more.
ASR Africa is an initiative of one of Africa’s biggest philanthropists and serial entrepreneurs, Abdul Samad Rabiu, Founder & Executive Chairman, BUA Group. At the heart of our mission lies a deep-rooted commitment to fostering substantial progress across the African continent through focused investments in education, health, and social development sectors.
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