Online Reporter
Business Reporter
A US$5, 3 million cross-border fuel transaction has been successfully completed through the Africa Trade Gateway, marking the digital platform’s first energy-sector trade in Southern Africa and demonstrating how Zimbabwean businesses can leverage the ecosystem to access international commodity markets.
The transaction saw Zimbabwean fuel importer Witeva Trading source a gas oil shipment from a leading commodity trader and supplier in Switzerland, with Zimbabwean financial institution Innbucks Microbank Ltd participating as the local issuing bank.
Afreximbank provided confirmation support under an agreed trade finance structure, enabling the Zimbabwean importer to complete the deal through the Africa Trade Gateway, the bank’s flagship digital trade ecosystem.
For Witeva Trading, the deal represents a significant milestone in accessing global commodity markets through a digital platform that connects African businesses with verified counterparties and trade finance support. It also marks Innbucks Microbank’s first completed transaction through the platform, signalling growing participation by Zimbabwean financial institutions in the digital trade ecosystem.
The successful execution of the transaction demonstrates how Zimbabwean businesses can use a single digital ecosystem to identify commercial opportunities, connect with verified counterparties, access trade-finance support and execute cross-border transactions more efficiently – a development that could boost Zimbabwe’s fuel import capacity and reduce supply chain frictions.
Mr Peter Olowononi, Director of Regional Operations, Southern Africa, at Afreximbank, said the transaction demonstrated the value of bringing African businesses and financial institutions together through one connected trade ecosystem.
“This transaction demonstrates the value of bringing African businesses and financial institutions together through one connected trade ecosystem,” Mr Olowononi said. “By creating a digital ecosystem to expand access to trade finance, Afreximbank is enabling more businesses to participate easily in regional and international trade.”
Mr Emeka Onyia, Director of Digital Business at Afreximbank, said the Africa Trade Gateway was more than a digital platform.
“The Africa Trade Gateway is more than a mere digital platform; it is the ecosystem that helps trade happen,” Mr Onyia said. “We help businesses discover opportunities, connect with trusted buyers, suppliers and financial institutions, and facilitate the journey from commercial opportunity to completed transactions.”
He added that every successful deal strengthened the network and created more opportunities for African trade.
“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,” he said.
The landmark transaction comes as Zimbabwe continues to pursue digitalisation of trade and payments, with the fuel import sector expected to benefit significantly from enhanced access to trade finance and streamlined cross-border settlement processes.
The Africa Trade Gateway platform is part of Afreximbank’s broader support for the African Continental Free Trade Agreement, complementing the Pan-African Payment and Settlement System adopted by the African Union to underpin implementation of the AfCFTA.
