The Africa Trade Gateway (ATG), the primary digital ecosystem from the African Export-Import Bank (Afreximbank), recently supported a $5.3-million cross-border gasoil transaction. This deal highlights the effectiveness of the platform in streamlining African commerce.
Zimbabwean importer Witeva Trading secured the fuel shipment from a Swiss supplier. Innbucks Microbank Ltd. acted as the local issuing financial institution, while Afreximbank provided necessary confirmation support. The ATG ecosystem successfully connected these parties, allowing them to identify the opportunity and finalize the deal efficiently.
This marks a significant achievement, serving as both Innbucks Microbank’s inaugural transaction on the platform and the ATG’s first energy-related deal in Southern Africa. Peter Olowononi, Afreximbank’s Director of Regional Operations for Southern Africa, stated that the project illustrates the benefits of uniting businesses and financial institutions through a single digital network. He emphasized that this approach broadens access to trade finance, enabling more companies to participate in global markets.
Emeka Onyia, Director of Digital Business at Afreximbank, described the ATG as a vital ecosystem that actively facilitates trade by connecting trusted partners. According to Onyia, each successful transaction strengthens the network and fosters further growth for African businesses.
