The African Export-Import Bank (Afreximbank) organized a strategic tour dedicated to its innovative payment solutions, Afreximbank Trade Payment Services (AfPAY) and the Cross-Border Interbank Payments and Settlements (CIPS) on May 5 in Abidjan. This initiative is part of a dynamic to modernize payment systems in West Africa, with the aim of streamlining cross-border transactions and strengthening regional financial integration.
At the heart of this approach, AfPAY and CIPS appear as technological tools capable of addressing the main obstacles that still hinder international payments in Africa: operational burdens, high costs, and low transparency. By integrating the renminbi (RMB) into its settlement mechanisms, Afreximbank intends to offer a credible alternative to traditional channels, facilitating faster, safer, and more efficient transactions.
In this context, Emilie Nono Ketcheuzeu, Head of Client Relations for French-speaking West Africa at Afreximbank, highlighted the strategic scope of this initiative:
“Allowing banks to diversify their settlement capacity, our continent to strengthen its position in global value chains. Today, we are not just launching a payment solution, but laying the groundwork for a more inclusive, efficient, and sovereign financial ecosystem.”
Anchoring to the CIPS system, a reference infrastructure for cross-border payments in Chinese currency, opens a direct gateway for financial institutions in the region to commercial flows with China. By limiting the need for multiple currency conversions, this solution could enhance the competitiveness of African companies while optimizing the treasury operations of partner banks. In the West African Economic and Monetary Union (UEMOA) area, where intra-regional trade remains below its potential, such innovation could play a structuring role.
Speaking on behalf of the Professional Association of Banks and Financial Institutions of Côte d’Ivoire (APBEF-CI), its Vice President, Habib Blédou, emphasized the persistent limits of exchanges between Africa and China:
“Every year, between 250 and 300 billion dollars are exchanged between Africa and China. In Côte d’Ivoire, this relationship translated into over 3 billion dollars of imports in 2024. These figures reflect a reality: our economy is already deeply rooted in a relationship with a country of one and a half billion inhabitants. But a question arises: under what conditions do these exchanges take place for us? Today, a significant portion of these flows still rely on indirect channels, generating costs – at least 5 to 10% of the transaction value – and delaying for our companies. We exchange a lot, but we still do not fully master the rules of the game.”
Through this financial offensive, Afreximbank asserts its willingness to reposition African banks at the heart of international trade, giving them the means to better capture the value generated by foreign trade. The stated ambition goes beyond mere technical innovation: it also aims to strengthen the monetary and financial sovereignty of the continent in an increasingly competitive commercial environment.
With total assets and guarantees estimated at 48.5 billion dollars by the end of 2025 and a network of over 400 partner banks in 52 countries, Afreximbank continues its expansion. The institution aims to reach 500 partner banks by the end of the year, further consolidating its presence in international markets.
