The market access available to Kenya across the continent of Africa will be improved by the launch of the Africa Trade Gateway, a digital platform that aims to facilitate compliance, matchmaking, and transactions that are secure for businesses.
Micro, Small, and Medium Enterprises (MSMEs) Development Cabinet Secretary Wycliffe Oparanya stated the platform will cut cross-border trade risks dramatically and will also enable payment settlements to be made in local currencies in a secure manner as well as cultivate partnerships with those who have been verified.
“Not only will the Africa Trade Gateway be de-risking the cross-border transactions, but it will also be creating new avenues for Kenyan businesses to enter the African market beyond the African Continental Free Trade Area,” stated Oparanya.
The digital economy of Kenya is expected to contribute KSh 662 billion to GDP by 2028, a figure that largely depends on the implementation of strategic policy reforms and the growth of the digital economy. On the other hand, the Africa Trade Gateway is hailed as the game-changer in realizing this transformation as it is the key to the facilitation of digital inclusion as well as the strengthening of regional integration.
The government is collaborating with the private sector to take advantage of technology as a tool for regional competitiveness, according to Oparanya, pointing out that the platform is what makes Kenya the center of the continent’s vibrant digital trade ecosystem.