Nigeria's Fintech firm, SystemSpecs and Trinity Technologies of South Sudan have signed a Memorandum of Understanding (MoU) as part of Afreximbank's focus on deepening intra-African trade at the ongoing Intra-African Trade Fair (IATF 2018) in Cairo, Egypt.
According to the Executive Director of SystemSpecs, who signed the MoU on behalf of the company, 'DeRemi Atanda, the signing provides an opportunity for the collaboration to create value of about $93.7 million through the deployment of SystemSpecs' Remita financial technology solution and services in partnership with Trinity Technologies for the processing of payroll for organisation, payments and revenues collection.
Managing Director of Afreximbank Intra African Trade, Mrs. Kanayo Awani, who facilitated the signing of the MoU, said: "We are glad to be the facilitator of this landmark deal between two financial technology organisations in Africa."
Trinity Technologies Limited (TTL) is a South-Sudan Fintech firm specialising in the design and development of innovative financial services, online transactions, mobile payment systems and innovative solutions for commercial banks in the country.
SystemSpecs is showcasing its solutions at the first ever Inter-African Trade Fair in Cairo, Egypt at the Al Manara International Conference Centre, from December 11-17, 2018, as John Obaro, the company's Managing Director will address the global audience on the "Blockchain solutions for Africa" at the seven-day event.
Analysis by the African Export-Import Bank (Afreximbank) shows that one of the main reasons why intra-African trade is low at around 15% compared to Europe (59%), Asia (51%), and North America (37%), is because of lack of access to trade and market information.
To address this challenge, Afreximbank has decided to, among other initiatives, convene the Intra-African Trade Fair every two years to provide trade and market information and connect buyers and sellers from across the continent.
The Intra-African Trade Fair is the first of its kind in Africa, and it comprises a 7-day trade show that provides a platform for sharing trade, investment and market information and enabling buyers and sellers, investors and countries to meet, discuss and conclude business deals.