In collaboration with the Central Bank of Liberia, Afreximbank is leading a payments revolution in Africa.

Written by Ziad Abdel Fattah:

Organize African Export-Import Bank Afreximbank, in collaboration with the Central Bank of Liberia, conducted an introductory tour and specialized workshop in the capital, Monrovia, which focused on promoting the AfPAY-CIPS system and building capacity within financial institutions.

This comes as part of efforts to strengthen the payments infrastructure in the African continent and expand its integration into global trade.

The AfPAY-CIPS system is a merger of the AfPAY system for trade payment services and the CIPS system for cross-border interbank payments in Monrovia, the capital of Liberia. It is a strategic initiative led by the African Export-Import Bank (Afreximbank), in collaboration with the Central Bank of Liberia (CBL), and aims to transform the infrastructure for cross-border payments and promote regional and international trade.

Broad participation from banks and financial institutions

The event witnessed broad participation from commercial banks and financial institutions, where participants discussed the latest innovative solutions in the areas of cross-border payments, correspondent banking, trade finance, and treasury management, which enhances the efficiency of financial operations within the continent.

The workshop was opened by the Governor of the Central Bank of Liberia, Henry F. Samwe, while a number of Afreximbank experts gave specialized presentations, which addressed the AfPAY system, compliance requirements, liquidity management, and trade finance, in addition to reviewing the AFTRAF agreement and its role in supporting trade activities.

The discussions focused on the vital role that AfPAY trade payment services and the Cross-Border Interbank Payments System (CIPS) can play in accelerating the settlement of trade transactions, enhancing transparency, and reducing costs, while minimizing reliance on traditional correspondent banking networks and multiple currency conversion processes.

The workshop revealed that the AfPAY system is currently processing transactions exceeding $500 million per month during its initial operational phase, while Liberia emerged as an active pilot market with 10 financial institutions, reflecting growing confidence in this new digital system.

These initiatives underscore the growing role of digital payment infrastructure in supporting intra-African trade and promoting financial integration, thereby contributing to more efficient integration of the continent’s economies with global markets, particularly the Chinese market.

Through the development of tools such as AfPAY, Afreximbank continues to support African financial institutions with practical solutions that contribute to improving operational efficiency, facilitating trade, and enhancing the continent’s competitiveness in the global economy.