Mene: SMARTAfCFTA portal will have inter-operability with PAPSS

The Secretary-General of the African Continental Free Trade Area (AfCFTA) Secretariat, Wamkele Mene, recently discussed the upcoming SMARTAfCFTA trade portal and its interoperability with the Pan-African Payment and Settlement System (PAPSS) in an interview with CNBC Africa. Mene highlighted that the integration of the trade portal with PAPSS would create more opportunities for seamless trade across Africa, emphasizing the importance of private sector involvement in the implementation of the AfCFTA. The MoU signed with Zenith Bank's Fintech Subsidiary, Zenpay, marks a significant step towards enhancing trade facilitation within the region. Mene underscored the crucial role of the private sector in driving investments and aiding in the resolution of trade-related challenges. He reiterated that the AfCFTA Secretariat values its partnership with the private sector and recognizes it as a key stakeholder in the success of the trade agreement. Mene expressed confidence in the collaborative efforts with Zenith Bank, emphasizing the shared goal of realizing the full potential of the AfCFTA. The interview delved into the importance of achieving interoperability within the Pan-African Payment and Settlement System, emphasizing its role as a facilitator of seamless payments across the continent. Mene acknowledged the significance of leveraging existing infrastructures like PAPSS to streamline trade transactions, focusing on enhancing connectivity and efficiency in cross-border payments. The integration of SMARTAfCFTA with the Pan-African payment system is expected to simplify payment processes and accelerate trade activities, fostering greater economic integration among African nations. Furthermore, Mene provided insights into the Africa Trade Gateway platform, highlighting its forthcoming operational status and its pivotal role in providing a comprehensive suite of digital tools to enhance trade facilitation. The platform's features such as KYC information, due diligence processes, customs systems, and digital marketplaces are poised to bolster the implementation of the AfCFTA. As the Guided Trade Initiative gains momentum in Nigeria, Mene expressed optimism about the potential opportunities it would unlock for Nigerian SMEs and industries. Nigeria's participation in the initiative is anticipated to spur increased trade activities, particularly in the industrial and service sectors. Mene commended Nigeria's readiness to engage in the Guided Trade Initiative and emphasized the country's pivotal role as a major exporter within the AfCFTA framework. He anticipated a surge in trade flows and mutual exchanges among AfCFTA member states, underscoring the positive impact of the initiative on regional trade and economic growth. With a strong focus on private sector collaboration and digital innovation, the AfCFTA Secretariat continues to drive efforts towards harnessing the full potential of the trade agreement, promoting sustainable economic development and prosperity across the continent.