Payment system to support smooth trade in Africa undergoing development

A payment system that will ensure smooth transactions under the African Continental Free Trade Area (AfCFTA) is currently underway.

The payment system is being developed by the United Bank for Africa (UBA) and the African Export Import Bank (Afreximbank).

This is according to the UBA Group Managing Director, Oliver Alawuba on Tuesday in Lusaka when he met with the UBA Zambia customers.

Alawuba pointed out that the bank was keen to build a strong payment system for settlement of trade in Africa.

“These are trying times for several businesses around the world, this has come about because nobody saw Covid-19 coming coupled with the effects of climatic changes and the Russia-Ukraine war.

“In such situations you need partners that understand you and we are here to offer that solution. Despite the gloomy picture there opportunities with the coming of AfCFTA,” he said.

Alawuba stated the AfCFTA agreement was a solution for the continent with a market of 54 countries and a population of over 1.2 billion people.

According to him, every company in Africa should be looking to access the opportunities that came with AfCFTA.

Alawuba said Africa should be working to take advantage of the opportunities for the benefit of the continent.

The African Heads of State declared the start trading under the rules of the agreement on the January1, 2021.

The overall aims of AfCFTA are to increase socioeconomic development, reduce poverty, and make Africa more competitive in the global economy.

On small and medium entrepreneurs (SME), Alawuba said the bank would continue to invest and improve digital solutions to bring convenience.