Platform to give SMEs a boost in intra-Africa trade
January 21th, 2021 – Small and medium enterprises eyeing a slice of intra-Africa trade will now have a platform to ease transactions.
The Africa Continental Free Trade Area (AfCFTA) app will enable the SMEs to sell and buy goods via a cashless and contactless platform under the low duty regime that satisfies the “know-your-customer” requirements at banks and financial institutions.
Intra-Africa trade remains low at 15 per cent compared to Europe’s 68 per cent, North America’s 37 per cent and Latin America’s 20 per cent, solely blamed on “national” interests by member States keen on safeguarding their own industries, trade barriers and poor transport and telecommunication connectivity.
Written by Business Daily
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