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 (Afreximbank’s) flagship digital trade ecosystem.
- •The transaction saw Zimbabwean fuel importer Witeva Trading source a gasoil shipment from a commodity trader and supplier in Switzerland.
- •Innbucks Microbank Ltd. participated as the local issuing financial institution while Afreximbank provided confirmation support under agreed trade finance structure.
- •Afreximbank said the ATG brought together the buyer, supplier and participating financial institutions to support a successful execution of the transaction.
“The Africa Trade Gateway is more than a mere digital platform; it is the ecosystem that helps trade happen. 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,” Emeka Onyia, Director, Digital Business, at Afreximbank, said.
The transaction marked Innbucks Microbank’s first completed transaction through the platform and the ATG’s first recorded energy-sector transaction in Southern Africa.
