Weighing the evolving fintech ecosystem’s future, critical in the financial services sector, Dr. Ebenezer Onyeagwu, the outgoing MD/CEO of Zenith Bank Plc, now chairman of Zenpay Limited, a Zenith Bank subsidiary, initiates a smart partnership with AfCFTA to ease trade within the continent, Louis Achi writes
Under the nimble guidance of Dr. Ebenezer Onyeagwu, the
outgoing Managing Director/Chief Executive Officer of Zenith Bank Plc, Zenpay
Limited, a wholly owned subsidiary of Zenith Bank which he chairs , last week,
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.
Onyeagwu cuts to the heart of the unseemly intra-African
trade quandary. His words: “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.”
Clearly, the foregoing regressive scenario urgently needed
to be changed and intra-continental trade transformed to benefit Africa. But
this also needed a visioner who leads from the front. And that is where
Onyeagwu who had birthed the cutting-edge growth and governance models that
transformed Zenith Bank – steps in.
Apparently, one of the more recent spin-offs from his
impactful financial services sector trajectory is initiating this cutting-edge
partnership with AfCFTA. This hardly surprising.
Onyeagwu is reputed to regularly reject staying tamely at
the end of received policy prescriptions. He covets knowledge-driven
innovations, proactive engagement with stake-holders, policy makers and
sure-footed action. These dimensions have been boldly mirrored in his
leadership of Zenith Bank Plc, one of the continent’s now transformed financial
services behemoths – even as he exits in June.
As it were, Zenpay Limited which he chairs, last week 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.
The agreement which was signed by Onyeagwu and the
Secretary-General of AfCFTA, Mr. Wamkele Mene, trails 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
held on Wednesday, 8 August, 2023.
On his part, speaking during the agreement signing, Mr.
Mene, Secretary-General of the AfCFTA Secretariat, shared his delight over the
partnership with Zenpay Limited in developing SMARTAfCFTA. He also appreciated
Jim Ovia, the Founder and Chairman of Zenith Bank Plc, for his commitment to
the project.
His words: “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 profit margins to their stakeholders, but are motivated by our shared
duty towards the continent.”
For context and more clarity, the African Continental Free
Trade Area (AfCFTA) is one of the flagship projects of Agenda 2063: The Africa
We Want. 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.
As it were, 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.
On the other hand, SMARTAfCFTA, as Mene had earlier
intimated, 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.
A sound professional and bold leader, it could be recalled
that Onyeagwu’s ground-breaking five-year tenure which ends in a fortnight saw
Zenith Bank Plc transform into an innovative, sector-leading continental
behemoth. Dame (Dr.) Adaora Umeoji takes the baton from Onyeagwu and assumes
office as the new MD/CEO on June 1 2024.
Unquestionably, Onyeagwu’s astute corporate governance
stewardship as Zenith Bank boss would no doubt rub off on Zenpay Limited,
Zenith Bank’s fintech subsidiary as the innovative trade platform engages
Africa, especially with its new partnership with AfCFTA. He is expected to
choreograph and fundamentally guide the expansion of trade flows in Africa.
Onyeagwu’s chairmanship of Zenpay Limited coincides with
significant global disruptions that vanquished traditional business playbooks.
It’s no secret that the unprecedented economic conditions
wrought by the global pandemic, seismic shifts on the global scene mirrored by
the West’s new nationalism, Sino-America tensions, the ongoing Russo-Ukranian
conflict and the more recent Middle East tension which continue to impact
diverse planetary business eco-systems frames a very challenging environment to
drive a unique, visionary partnership like the Zenpay-AfCFTA one.
A particular challenge here is the perceived weakness of
laudable intra-continental initiatives often undermined by exploitative extra
continental forces. But many industry analysts believe that if Onyeagwu could
weather the enervating storms, thrown his way at Zenith Bank while remaining a
disciplined, focused turf player in the high-octane powerful financial services
sector, the glittering stripes he rightly earned can see him through his latest
responsibility.
He is justifiably expected to bring to his new mandate
astute strategic thinking, inspirational leadership, sheer energy and his
vintage consummate entrepreneurial skill.
His unique traits are anchored on fetching humility, notable
consistency, stern discipline, deep ethics, unrelenting hard work and
outstanding professionalism. He is indeed an inspirational leader with
impeccable track records of excellence.
Bristling with about 35 years of industry experience,
Onyeagwu has certainly paid his dues and as he turns his attention to new,
novel responsibility of engaging Africa for Africans, only few doubt his innate
ability to deliver the goods.