Afreximbank seeks to ease cross border payments with continental platform

By Joël Té-Léssia Assoko
Posted on Wednesday, 9 November 2022 12:29

First Bank of Nigeria, Stanbic IBTC and GCB Bank are among the banks participating in this payment system. © REA.

Afreximbank, in partnership with the African Union and AfCFTA, wants to reduce the cost of pan-African transactions by $5bn per year. The project is both revolutionary and difficult.

In mid-October, the Central Bank of Djibouti joined its six West African Monetary Zone (WAMZ) counterparts on the platform: Gambia, Ghana, Guinea, Liberia, Nigeria and Sierra Leone.

A few weeks earlier, the first daily transactions had kicked off on the Pan African Payment and Settlement System (Papss) setup between Lagos and Accra. First Bank of Nigeria, Stanbic IBTC and GCB Bank were among the participating banks. Did it work?