Nigeria firms seal MoU as Ghana exhibitors flood 1st intra-African trade fair in Cairo
The number of Nigerian firms attending the ongoing first-ever Intra-African Trade Fair which opened in Cairo on Tuesday is running neck-to-neck with exhibitors from Ghana.
Business Hilights Egypt Bureau chief reports that the promoters of the fair is targeting to achieve $25 billion in trade deals over the next seven days of the maiden continental exhibitions
However, SystemSpecs, Nigeria and Africa’s leading FinTech firm, is showcasing its solutions at the fair, as John Obaro, the company’s Managing Director will address the global audience on the “Blockchain solutions for Africa” at the seven-day event.
Already, as part of its focus on deepening intra-African Trade facilitation, the group has sealed a Memorandum of Understanding (MoU) with Trinity Technologies of South Sudan at the ongoing Intra-African Trade Fair (IATF 2018) in Cairo, Egypt.
Executive Director of SystemSpecs who signed the MoU on behalf of the company, ‘DeRemi Atanda, said the MoU provides an opportunity for the collaboration to create value of about $93.7 million through the deployment of SystemSpecs’ Remita financial technology solution and services in partnership with Trinity Technologies for the processing of payroll for organization, payments and revenues collection.
Business Hilights gathered that the MoU also covers the provision of national switching and settlement infrastructure and a multi-channel payment gateway for the entire financial industry in South Sudan.
“The collaboration will be extended to cover the provision of biometric-driven payroll technology for public and private sector salary processing and the development of data verification and referencing system”, he said.
Eaelier in her remarks, the Managing Director of Afreximbank Intra African Trade, Mrs. Kanayo Awani who facilitated the signing of the MoU said, “We are glad to be the facilitator of this landmark deal between two financial technology organisations in Africa”.
Trinity Technologies Limited (TTL) is a South-Sudan Fintech firm specialising in the design and development of innovative financial services, online transactions, mobile payment systems and innovative solutions for commercial banks in the country.
Organised by the African Export- Import Bank (Afreximbank), the fair, which is being held from December 11 to 17, aims to bridge the low trade level among the countries on the African continent.
Statistics show that intra-African trade is low at about 15 per cent compared to Europe’s 59 per cent, Asia’s 51 per cent, and North America 37 per cent, because of lack of access to trade and market information.
The hosting bank averred that “It is to address the challenge that we, in collaboration with the African Union decided to convene the Intra-African Trade Fair every two years to provide trade and market information and connect buyers and sellers from across the continent”.
Ghana Export Promotion Authority (GEPA) under the auspices of the Ministry of Trade and Industry is coordinating the participation of over 20 Ghanaian exhibitors at fair, who are showcasing various products, including cocoa products, handicrafts, and Ghanaian designed clothing.
The fair would provide Ghanaians a platform for entry into a single continental market for goods and services, free movement of business persons and investments joined together under the African Continental Free Trade Area.
In his remarks, Mr. Alan Kyeremanten, the Minister for Trade and Industry, who is leading Ghana’s delegation at the Fair, said the significance of the intra-Africa trade exhibition was that “even before the agreement comes into effect, Africa is working together to show the world and to also actually demonstrate to ourselves as African countries that we mean business when we talk about creating a single market”.
Business Hilights recalls that whereas Nigeria is yet to sign the African Continental Free Trade Area Agreement (AfCFTA), the template still needs ratification from 22 countries to come into force. Already, 12 countries had underscored their confidence in the agreement by ratifying it.
