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Tag: Afreximbank

Business

Afreximbank adds 11 African central banks to continental payment system

The Pan-African Payment and Settlement System of the Africa Export-Import Bank now includes 11 African central banks, with the rest expected to join by next year. According to CNBC Africa, the deputy CEO of PAPSS, John Bosco Sebabi, disclosed the details. Afreximbank estimated that over 80% of payments made inside Africa are presently made through Europe or the US. Up […]

Cocoa hits largest weekly gain in 24 years at $6,470 as Nigeria's supply drops
Business

AFREXIM, Fidelity Bank, JohnVents sign $40m cocoa export deal

Fidelity Bank, African Export-Import Bank, and JohnVents Industries struck a $40 million cocoa export transaction at the Fidelity Bank International Trade and Creative Connect in Houston, Texas. The Punch reported that according to a bank statement issued on Sunday, the $40 million pre-export finance facility was signed at the trade show. AFREXIM Bank would provide […]

Transportation

Nigeria gets Afreximbank’s $350k to develop inland waterways

The African Export-Import Bank has donated $350,000 to maximize the use of transportation on Nigeria’s interior waterways. According to The Sun, the African Export-Import Bank, the Nigerian Export-Import Bank, the Federal Ministry of Transportation, and the Nigerian Navy have joined forces to chart the Lower River Niger to improve water transit in Nigeria. The Lower […]

Banking

Afreximbank purchases 5% of Geregu Power shares

Afreximbank has completed the acquisition of five per cent of the shares of Geregu Power Plc. According to The BusinessDay, the purchase was made through its subsidiary – Fund for Export Development in Africa. FEDA is the impact development arm of the Africa Export and Import Bank. “Today, February 21, 2023, the company secretary for […]

Banking

Afreximbank launches TRADAR Club to boost African trade

African Export-Import Bank has launched TRADAR Club, a member-driven network aimed at empowering international businesses and executives to transform trade and investments within Africa.   Vanguard reported that Afreximbank’s Media representative, Amadou Sall, made this known in a statement on Monday in Abuja, during the operational launch of the TRADAR Club that featured a high-level […]

Afreximbank creates payment solution to save traders $5bn
Banking

Afreximbank creates payment solution to save traders $5bn

In order to facilitate instant cross-border payments in local African currencies, the African Export-Import Bank has created a payment solution platform, Pan-African Payment and Settlement System. This was announced by the CEO, PAPPS, Mike Oghalu, while speaking at the post-annual general meeting of the International Chamber for Commerce of Nigeria in Lagos. The PUNCH reported […]

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