Afreximbank, PAPSS partner with CARICOM Central Banks for cross-border payment.

The African Export-Import Bank (Afreximbank) and the Pan-African Payment and Settlement System (PAPSS) have formed a strategic partnership with the Caribbean Community (CARICOM) and the Intra-Regional Payment Committee to facilitate seamless cross-border payments.

PAPSS serves as a financial market infrastructure that enables instant, cross-border payments in local currencies across African markets.

In a statement, Afreximbank announced that the parties had successfully conducted a groundbreaking Proof of Concept (PoC) for the CARICOM Payment and Settlement System (CAPSS), which is designed to replicate the PAPSS model.

The key benefits highlighted include real-time local currency transactions within CARICOM, secured Central Bank-backed settlements, and successful live tests between The Bahamas and Barbados. CAPSS aims to foster financial integration, reduce costs, and connect seamlessly to PAPSS in Africa.

Last month, Nigeria and Afreximbank signed an agreement to host the 32nd Afreximbank Annual Meetings (AAM) in June.

The upcoming event is expected to draw between 5,000 and 6,000 delegates from across Africa, the Caribbean, the Americas, Europe, and Asia.

Source: NAIRAMETRICS