In 2021, Africa officially became a common market with numerous trade facilitation mechanisms. However, non-tariff barriers still pose challenges during financial transactions notably, therefore threatening the business inclusion sought after. 

The African Continental Free Trade Area (AfCFTA) recently presented a project for the development of an e-payment platform dedicated to African SMEs. The project was presented by Wamkele Mene (photo, left), AfCFTA secretary general, during a meeting with Cameroonian Minister of Trade  Luc Magloire Mbarga Atangana (photo, right) in Yaounde, last Monday (June 27). 

According to Wamkele Mene, the end goal of the project is to create a digital marketplace to facilitate trade. For that purpose, the AfCFTA is negotiating with banks to secure guarantees because SMEs are usually confronted with credit access challenges.  With those bank guarantees, SMEs can transact through the e-payment platform while banks cover the risks. Four sectors are targeted for the first phase of the project. They are notably agriculture, textile, transportation, and the pharmaceutical industry. 

The AfCFTA is a key initiative in the African Union’s development blueprint Agenda 2063. It aims to accelerate intra-African trades and consolidate the continent’s commercial position in the global market. Currently, the area includes 44 member countries, including Cameroon. 

S.A.