Afreximbank-backed platform facilitates $5.3 million fuel trade deal

A US$5.3 million cross-border gasoil transaction involving a Zimbabwean fuel importer has been completed through African Export-Import Bank’s (Afreximbank) Africa Trade Gateway (ATG), marking the platform’s first energy-sector transaction in Southern Africa, the lender said. According to the statement issued on Thursday, the transaction involved Zimbabwe’s Witeva Trading, which sourced a shipment of gasoil from a commodity supplier in Switzerland. Innbucks Microbank Ltd.

acted as the issuing financial institution, while Afreximbank provided confirmation support under the trade finance structure. Afreximbank said the transaction was also the first completed through the platform by Innbucks Microbank. Peter Olowononi, Afreximbank’s Director for Regional Operations in Southern Africa, said the transaction demonstrated how the platform could connect businesses and financial institutions involved in cross-border trade.

“This transaction demonstrates the value of bringing African businesses and financial institutions together through one connected trade ecosystem. 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.

[paywall]

Every successful deal strengthens the network, attracts new participants and creates more opportunities for African trade.” The Africa Trade Gateway is Afreximbank’s digital trade platform designed to connect buyers, suppliers and financial institutions while facilitating trade finance and cross-border transactions. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express permission from ZAMBIA MONITOR.

[/paywall]