AUC, Africa Electronic Trade Group Sign MoU to Launch Continental Smart Finance, Digital Banking Initiative

Addis Ababa February 6/2022/ENA/African Union Commission (AUC) and the Africa Electronic Trade Group have signed Memorandum of Understanding (MoU) to launch a Continental Smart Finance and Digital Banking Initiative for Small and Medium Enterprises, women and youth.

AU Commissioner for Economic Development, Trade, Industry and Mining Albert Muchanga and Africa Electronic Trade Group Chief Executive Officer (CEO)  Mulualem Syoum signed the agreement on Saturday in Addis Ababa.

The initiative is going to be implemented in member states aligned with particular country’s programs and financial policies to benefit the marginalized section of the society.

The commissioner on the occasion highlighted the significance of implementing the initiative to facilitate production, trade and financial activities of Small and Medium Enterprises and the youth.

 “As we develop Africa, no one should be left behind, the youth are going to play very critical role and we should bring them upward in the process for sustainable development," he said.

The initiative is vital for the Africa Continental Free Trade Area and for inclusive financial service and development, it was learned.

Africa Electronic Trade Group CEO, Mulualem Syoum said this initiative will support the beneficiaries to build digital capacity and facilitate financial activities of the market exchange.

This second agreement further widens the partnership between the organizations, he added.