The African Export-Import Bank (Afreximbank) and the Pan-African Payment and Settlement System (PAPSS) have formed a strategic partnership with the Caribbean Community (CARICOM) and the Intra-Regional Payment Committee to facilitate seamless cross-border payments.
PAPSS serves as a financial market infrastructure that enables instant, cross-border payments in local currencies across African markets.
In a statement, Afreximbank announced that the parties had successfully conducted a groundbreaking Proof of Concept (PoC) for the CARICOM Payment and Settlement System (CAPSS), which is designed to replicate the PAPSS model.