Connect with us
Advertisment

Business

ZENITH FINTECH SUBSIDIARY ZENPAY LIMITED PARTNERS AfCFTA ON INNOVATIVE TRADE PORTAL

Published

on

ZENITH FINTECH SUBSIDIARY ZENPAY LIMITED PARTNERS AfCFTA ON INNOVATIVE TRADE PORTAL

ZENITH FINTECH SUBSIDIARY ZENPAY LIMITED PARTNERS AfCFTA ON INNOVATIVE TRADE PORTAL

 

Advertisment

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. 

 

Advertisment

 

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.

 

Advertisement

 

 

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.”

 

ZENITH FINTECH SUBSIDIARY ZENPAY LIMITED PARTNERS AfCFTA ON INNOVATIVE TRADE PORTAL

 

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 

Follow us on Twitter | Facebook | LinkedIn | Instagram  

Advertisment

Business

Why You should Patronize Cassandra’s Restaurant and Lounge

Published

on

Why You should Patronize Cassandra’s Restaurant and Lounge

Good food is the foundation of genuine happiness.” – Auguste Escoffier. as Escoffier said, one of the best places to enjoy a sumptuous meal that gladdens the heart is Cassandra’s Restaurant and Lounge.

Advertisment

CEO

 

Advertisment

 

Known for tasty and healthy food prepared under a thorough hygiene environment, Cassandra’s Restaurant has become the haven of genuine happiness for those desiring good food

The beautiful thing is they are specialist on both local and Continental meals and can be delivered to you destination.

Advertisement

 

That is why Cassandra has become the favorite of dignitaries and celebrities. For your party, house warning, red carpet events, try Cassandra restaurant. A trial will convince you

 

Contact:

@casandras_restaurant

08061152335

 

 

Why You should Patronize Cassandra's Restaurant and Lounge

 

 

Advertisment
Continue Reading

Business

UBA Celebrates Africa Day in Style, Commits to Empowering Youths for Leadership Roles

Published

on

UBA Celebrates Africa Day in Style, Commits to Empowering Youths for Leadership Roles

 

Advertisment

Africa’s Global Bank, the United Bank for Africa (UBA) Plc marked the this year’s Africa day, with fanfare. The event which was celebrated across the banks 20 African subsidiaries, including New York, UK, France and Dubai, culminated into a mini carnival at the corporate head office in Marina, Lagos as it witnessed  a rich culture of African people on display.

The bank said the event was aimed at encouraging Africans home and abroad to be patriotic and embrace their culture.

Advertisment

It was all colour and glitz as a troupe of dancers representing Nigeria, Ghana, Zambia, Côte d’Ivoire, Senegal, Zimbabwe, among other African countries, entertained the audience from the entrance of the building to its doorways through to the Tony Elumelu Amphitheatre Hall. Their overall performances exuded good vibes and earned them ovation from all.

Noting that Africa has unarguably positioned herself as the second largest continent in the world with its rich cultural heritage, the bank said the continent remains the only one in the world that was evidently bequeathed with the most colourful and distinctively diverse culture appreciated across the globe.

From her aesthetic art works, ethnic costumes, expressive dances, mind-blowing plethora of languages, amazing dishes, tourists attractions, and wildlife among others, Africa is seen as a world power that is yet to explore.

Advertisement

It is, therefore, to proudly and powerfully project her cultural heritage that UBA hosted the event in Lagos an to commemorate this year’s Africa Day. It said that part of its aim was for dignitaries to map out lasting solutions to persisting challenges in the continent.

Themed, “Educate an African Fit for the 21st Century: Building Resilient Education Systems for Increased Access to Inclusive, Lifelong, Quality, and Relevant Learning in Africa,” for us at UBA, it only reinforces our belief and passion for education as exemplified in our foundations National Essay Competition where winners who emerge are given scholarships through school.

According to the Group Managing Director, United Bank for Africa, Oliver Alawuba, “We are in 20 African countries and four countries outside Africa. Our focus has always been on not only driving investments into Africa but also to empower Africa’s youth by honing the critical thinking prowess of our youth as well as groom them for leadership roles across the continent.

Alawuba said UBA aspires to develop and grow in the world, adding that unity is critical and very important in Africa hence the emphasis on how to change the narrative. “Unity is critical and very important for the future of Africa, we need to remain united to achieve our aspirations and the youth are critical to that growth”, he said.

Consequently, as one of Africa’s leading financial services institutions, with a pan-African footprint spanning 20 African countries and globally in the US, UK, the United Arab Emirates and France, UBA says it’s fully committed to unifying Africa and empowering youths for the future. It also continues to lead the narrative focused on the development, growth, and unity of Africa

Advertisment
Continue Reading

Business

Oworonshoki-Apapa Expressway: Tinubu commends Dangote, describes project 10th Wonder of the World …We consider this project CSR – Dangote

Published

on

Oworonshoki-Apapa Expressway: Tinubu commends Dangote, describes project 10th Wonder of the World

…We consider this project CSR – Dangote

President Bola Ahmed Tinubu has described the newly commissioned Oworonshoki-Apapa Expressway as the Tenth Wonder of the World.

Advertisment

This is just as he commended the President of Dangote Industries Limited, Alhaji Aliko Dangote, for his selflessness in actualising the project.

President Tinubu, represented by Senate President Godswill Akpabio, enthused that the 37-kilometer road, which commenced in 2018 by the former administration and completed in 2024, is a win for all Nigerians.

Advertisment

He explained that the importance of Lagos State to Nigeria makes it very vital and as such must work for the benefit of all.

According to him: “Lagos is home to all, I thank Aliko Dangote for coming up with this initiative and in partnership with HiTech have delivered the Tenth Wonder of The World.

“Lagos is not the only state experiencing growth and development under the renewed hope agenda. I also congratulate the Minister of Works David Umahi for his passionate commitment to structural development across Nigeria,” he said.

Advertisement

Speaking on the “extremely poor” condition of the road before December 2018, Dangote stressed that the road “severely hampered the evacuation of goods and restricted access to the markets, paralyzing the shipping and manufacturing industries and disrupting supply chains across the entire economic landscape.

“Before the completion of this road, it used to take two weeks before we get to the port, and in about 18 months, we lost over N60bn in demurrage…The successful completion of this project is an example of the positive impact that can be achieved when the public sector collaborates with the private sector.” Dangote said

“Utilising the visionary framework of Executive Order 007 in Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme, the Dangote Group has been able to mobilise capital for the complete refurbishment of the entire 37 kilometers length of Apapa-Isolo-Oworonshoki road and its expansion to 10 lanes.”

Dangote added that the Group was privileged to partner with the Federal Government in the transformative efforts, reaffirming its commitment to national development and prosperity.

He also stated that the scheme must be revisited to make it more viable for the private sector participants. “In this case, we have so far recovered only 40 percent of our investments and the balance is not due until 2027, we consider this project merely as Corporate Social Responsibility.

“We believe that a more commercial interest rate recovery should be allowed given the high cost of capital in the Nigerian fiscal environment,” he said.

In his remarks, Engr Umahi also commended the Dangote Group for delivering a well-executed project, adding that the quality of the Dangote Cement is a testament to the value seen on the road.

“I was once trapped for 8 hours on my way to the airport and so, I understand how terrible the road was. We are celebrating this project today because it was well done and a display of new technology. It is fully completed with solar-powered streetlights.

“In the same vein, the Third Mainland Bridge wasn’t just another rehabilitation work, a road that has been standing for about 40 years… to ensure that our bridges last longer, I’m happy to announce that Mr. President has approved the ban on the excavation of sands 10 kilometers from bridges across Nigeria.”

The Governor of Lagos State, Babajide Sanwo-Olu, represented by his deputy, Obafemi Hamzat revealed that about 20 companies had relocated from the Apapa axis of the state owing to the condition of the road, “…the state of the road is unimaginable. We are grateful to Aliko Dangote, HiTech for the excellent job they did. It used to take over seven hours to drive from one end of the road to the other, it now takes around an hour,” he said.

 

Oworonshoki-Apapa Expressway: Tinubu commends Dangote, describes project 10th Wonder of the World
…We consider this project CSR - Dangote

Advertisment
Continue Reading

Cover Of The Week

Trending