AFRIEXIMBANK develops Pan-African Payment Platform to Ease Trade

July 17, 2018

The challenges of multiple currencies in cross-border trade among African countries may soon be a thing of the past. This is as the African Export-Import Bank (AFRIEXIMBANK) is developing a payment system that will help ease trade within the Africa.

The Managing Director of Intra-African Trade Initiative of the Bank, Ms. Kanayo Awani revealed this in Abuja at a Joint Press Briefing with the Executive Director/CEO of Nigerian Export Promotion Council (NEPC) Mr. Olusegun Awolowo on the 2018 Intra-African Trade Fair.

Awani pointed out that the platform would assist in capturing small-scale businesses and further help in formalizing trade. She said “The platform would enable payments through e-mobile transactions across different continental blocks while promoting a low rate of 12 percent intra-African trade”.

Commending the initiative, Mr. Awolowo said the Council will partner with the Bank to proffer a better freight and shipping system, that will grow and improve intra-African trade.

He described the situation where It is easier to move goods from Nigeria to Paris ports than even Cote D’Ivoire largely due to infrastructural challenges. The intra-African Trade Fair is strategic in connecting African countries together as well as various regional blocs in the Continent”.

He noted that the fair would be of benefit to Nigeria given that the country was concentrating more on processed commodities rather than exporting raw materials. The proposed payment platform will be launched in the first quarter of 2019.

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