African Export-Import Bank (Afreximbank) and the Pan-African Payment and Settlement System (PAPSS) have joined forces with the Caribbean Community (CARICOM) and the Intra-Regional Payment Committee to streamline cross-border payments between Africa and the Caribbean.
PAPSS, a financial market infrastructure that enables instant, cross-border payments in local currencies across African markets, is now extending its reach to CARICOM through the newly developed CARICOM Payment and Settlement System (CAPSS).
In a recent statement, Afreximbank announced the successful completion of a groundbreaking Proof of Concept (PoC) for CAPSS, which mirrors the PAPSS model. The PoC was conducted from February 19-21, 2025, at the Central Bank of The Bahamas, with participation from the central banks of The Bahamas, Barbados, Suriname, and Trinidad & Tobago, alongside Afreximbank, PAPSS, and Montran Corporation.
The tests demonstrated CAPSS’s ability to process instant cross-border payments without intermediaries, marking a significant milestone in regional financial integration. Key benefits of the system include real-time local currency transactions within CARICOM, secure Central Bank-backed settlements, and seamless connectivity to PAPSS in Africa.
Nigeria to Host Afreximbank Annual Meetings in June
In related news, Nigeria has signed an agreement with Afreximbank to host the 32nd Afreximbank Annual Meetings (AAM) in June 2025. The event, expected to attract 5,000 to 6,000 delegates from Africa, the Caribbean, the Americas, Europe, and Asia, will highlight the bank’s efforts to drive economic transformation across the continent.
The signing ceremony took place in Abuja, with Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, announcing President Bola Tinubu’s approval for hosting the event. Edun praised Afreximbank’s commitment to Africa’s economic growth, particularly its initiatives to improve healthcare infrastructure.
One such initiative is the African Medical Centre of Excellence (AMCE) in Abuja, which aims to reduce medical tourism by providing comprehensive healthcare services and addressing capacity gaps in Nigeria and West Africa. The centre is set to commence operations soon.
Afreximbank’s Impact on African Development
Over the past decade, Afreximbank has disbursed over $140 billion across Africa, filling critical financing gaps left by the retreat of international banks. The bank has played a pivotal role in driving economic transformation, reducing Africa’s reliance on commodity exports, and promoting trade and industrialization.
Among its key initiatives is the African Quality Assurance Centre, which ensures Nigerian goods meet global trade standards. Additionally, the Africa Trade Centre in Abuja, set to be inaugurated on April 10, 2025, will serve as a hub for trade and economic activities, further solidifying Afreximbank’s commitment to fostering intra-African trade and development.