AMF signs MoU with Afreximbank

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Arab Monetary Fund signs Memorandum of Understanding with African Export-Import Bank.
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  • Buna and PAPSS will act as payment gateways that link the Arab region to the African continent
  • The collaboration will support the growth of trade and investments between the Arab region and Africa

The Arab Monetary Fund (AMF) and the African Export-Import Bank (Afreximbank) announced on Thursday the signing of a Memorandum of Understanding (MoU) that lays the foundation for cooperation and interoperability between Buna, the cross-border and multi-currency payment system owned by the AMF, and the Pan-African Payment and Settlement System (PAPSS), owned by Afreximbank.

Buna and PAPSS will cooperate to achieve efficient interoperability between their respective platforms and act as payment gateways that link the Arab region to the African continent. This  will allow their participants to process fast, cost-effective, and secure cross-border payments in multi-currencies, and expand their footprint in the global payment landscape.

This strategic collaboration is in line with Buna’s mission to support the growth of trade and investments between the Arab region and Africa. 

Dr. Abdulrahman A. Al Hamidy, Director General Chairman of the Board of the Arab Monetary Fund, highlighted the important role of Afreximbank and the AMF in leading strategic initiatives that, he said, can strengthen the economic ties between the Arab region and the African continent and support the global efforts to promote financial inclusion and improve access to appropriate financial services.

“Our collaboration represents an exemplary model of the leading role that the AMF and Afreximbank can play by working together to enable efficient access to payments, in line with the “G20 roadmap” to enhance cross-border payments,” Dr. Al Hamidy said. “Buna’s success to establish interoperability with regional market infrastructure like PAPSS is another key milestone in Buna’s continuous efforts to expand its regional and global network and increase the value it brings to its participants.” 

Professor Benedict Oramah, President of Afreximbank, said the MoU with BUNA is yet another milestone that PAPSS has registered after its commercial launch. 

“The Arab World and Africa have a long history of trade relations and the PAPSS-BUNA partnership will further facilitate the growth of trade between the two regions,” Benedict Oramah said. “The integration will enable the banks across Africa and the Arab World to have a seamless and one-stop centre for supporting their clients to transfer value to their counterparts from either region.”

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