HARARE, Zimbabwe -- A US$5.3-million cross-border fuel (gasoil) trade transaction has been successfully completed with support of the Africa Trade Gateway (ATG), African Export-Import Bank’s flagship digital trade ecosystem, demonstrating the value and efficacy of the Gateway in powering African trade.
The transaction, which saw Zimbabwean fuel importer Witeva Trading source a gasoil shipment from a leading commodity trader and supplier in Switzerland, with Innbucks Microbank Ltd. participating as the local issuing financial institution and Afreximbank providing confirmation support under agreed trade finance structure, demonstrates how African businesses can leverage one connected ecosystem to identify opportunities, access finance and complete international trade more efficiently.
The ATG made it possible for the commercial opportunity to be connected to the right ecosystem participants, bringing together the buyer, supplier and participating financial institutions to support a successful execution of the transaction.
The transaction represents an important milestone for both the participating institutions and the ATG ecosystem as it marked Innbucks Microbank’s first completed transaction through the platform and the ATG’s first recorded energy-sector transaction in Southern Africa.
It also demonstrates how African Businesses can use a single digital ecosystem to identify commercial opportunities, connect with verified counterparties, access trade-finance support and execute cross-border transactions more efficiently.
Peter Olowononi, Director, Regional Operations, Southern Africa, at Afreximbank, said: “This transaction demonstrates the value of bringing African businesses and financial institutions together through one connected trade ecosystem. By creating a digital ecosystem to expand access to trade finance, Afreximbank is enabling more businesses to participate easily in regional and international trade.”
Emeka Onyia, Director, Digital Business, at Afreximbank, added: “The Africa Trade Gateway is more than a mere digital platform; it is the ecosystem that helps trade happen. We help businesses discover opportunities, connect with trusted buyers, suppliers and financial institutions, and facilitate the journey from commercial opportunity to completed transactions. Every successful deal strengthens the network, attracts new participants and creates more opportunities for African trade.”
“As more businesses, banks and trade partners join the ecosystem, every successful transaction expands the marketplace, strengthens trust across the network and increases opportunities for future trade,” Mr. Onyia added.
