By Bassey Udo
African Export-Import Bank’s flagship digital trade platform, Africa Trade Gateway (ATG), has successfully facilitated a $5.3m cross-border fuel trade transaction, the Bank has reported.
The transaction, which involved the trade on premium motor spirit, popularly called petrol, saw Zimbabwean fuel importer, Witeva Trading, sourcing a gasoil shipment from a leading commodity trader and supplier in Switzerland, with Innbucks Microbank Ltd. participating as the local issuing financial institution.
Afreximbank provided confirmation support under an agreed trade finance structure, demonstrating how African businesses could leverage one connected ecosystem to identify opportunities, access finance and complete international trade more efficiently.
The Bank said the deal demonstrates the value and efficacy of the trading platform in powering African trade.
The platform, the Bank further explained, 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,” the Bank said.
“The transaction 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,” it added.
The Director, Regional Operations, Southern Africa, at Afreximbank, Peter Olowononi, 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.”
The Director, Digital Business, at Afreximbank, Emeka Onyia, 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.”
He said as more businesses, banks and trade partners join the ecosystem, every successful transaction would expand the marketplace, strengthen trust across the network and increase opportunities for future trade.
The ATG is Afreximbank’s flagship digital trade ecosystem that connects businesses, financial institutions and trade partners across Africa and beyond.
ATG helps businesses discover opportunities, connect with trusted counterparties, access trade-enabling services, including trade finance, payments, compliance, logistics and market intelligence, and facilitates cross-border transactions through one integrated ecosystem.
By bringing together the services required to support international trade, ATG helps businesses trade with greater confidence, efficiency and scale.
