The African Export-Import Bank (Afreximbank) has established the Africa Trade Gateway (ATG) meant to accelerate the implementation of intra-African trade under the African Continental Free Trade Agreement (AfCFTA).
This digital trade window was launched during the Afreximbank Annual General Meeting (AGM) in Ghana. It combines five digital platforms merged into a single window to enhance the bank’s capacity to boost continental free trade.
Kanayo Awani, Executive Vice President of Intra-African Trade Bank, the ecosystem includes five platforms – MANSA (due diligence), PAPSS (payment system), TRADAR Club, Africa Trade Exchange (ATEX), and ATG Connect.
Awani said Afreximbank’s digital evolution is a strategic response to accelerate development, foster economic prosperity, and address key challenges in Africa using digital technologies and business models.
“Each one of our digital interventions is designed to address clearly identified challenges and barriers for those seeking to engage in African trade and investment. I am pleased that each intervention has been successfully transformed from concept to reality and commend the hard work of our colleagues and partners in achieving these milestones. But to consolidate results, maximize net effects, achieve greater efficiencies, drive higher synergistic value, quicken regional integration, extend and create new access markets and accelerate digital economy in Africa, the bank is introducing customer-centric Africa Trade Gateway.”
She described ATG as a definitive digital ecosystem designed for Africa’s trade, supported by Afreximbank and AfCFTA in partnership with their stakeholders to enable trade, commerce, and investment.
Ms. Awani explained that the ATG allows customers to complete all their transactions within a single window.
MANSA, Africa’s due diligence platform, provides primary data for customer due diligence on African entities, financial institutions, corporates, and SMEs. It also collects information on African investment, country profiles, and traded products/services.
PAPSS facilitates efficient payment for intra-African trade in national currencies, reduces risk, promotes financial integration, and supports the AfCFTA. In July 2019, African Union heads of state adopted PAPSS as the payment and settlement system. It currently operates from Cairo.
TRADAR Club is a member-driven network that empowers international businesses and executives to transform trade and investment in Africa through trusted trade intelligence, advisory services, innovative digital tools, and networking opportunities. Members can discover new markets, grow their business, save time, access expert support, post/respond to new business opportunities, network, and meet trading partners. Membership is open to global industry leaders, African/foreign businesses, intergovernmental organizations, policymakers, and others committed to unlocking growth and development in Africa.
ATEX is a B2B and B2G e-commerce platform launched at the 54th Conference of African Ministers of Finance, Planning and Economic Development in Dakar in May 2022. It helps small and medium-scale African businesses access new markets in Africa and optimize their supply chains. ATEX enables bulk procurement of basic commodities and ensures transparent access to suppliers.
ATG Connect connects business service providers across Africa, providing freight and logistics connectivity solutions. This allows for frictionless matching of freight/logistics requests with providers listed on the platform. Customers can receive competitive quotes for pickup/delivery of goods to/from any location in Africa.
During the launch ceremony, heads of the platforms presented their services and participated in a panel discussion on how they support trade across Africa and the implementation of the AfCFTA.
SOURCE: AHRAM ONLINE