Zenith Bank of Nigeria has partnered with the African Continental Free Trade Area (AfCFTA) Secretariat to develop the SMARTAfCFTA portal, aiming to digitize trade relations across the African continent. The initiative is designed to promote self-reliance among African countries and reduce dependence on imports from Europe, especially in times of global economic shocks and inflationary pressure. The SMARTAfCFTA portal aims to accelerate competitiveness by facilitating trade and boosting the digital economy, particularly in the financial services sector.

The signing of the Memorandum of Understanding (MoU) took place during the 2023 international trade seminar of Zenith Bank. The Secretary-General of the AfCFTA Secretariat, Wamkele Mene, highlighted the importance of the initiative in promoting trade among African countries. He noted that the portal's development would help reduce overreliance on foreign economies and open up significant opportunities for intra-Africa trade.

Despite Nigeria's commitment to implementing AfCFTA, it has faced challenges in finalizing its tariff schedule and trade guidelines. The country is still working to address issues such as port congestion and repatriation of foreign exchange earnings. Zenith Bank has committed $1 million to the development of the SMARTAfCFTA portal, which is expected to contribute to improving trade and enhancing the visibility of African products and services.

Read more on TechCabal