As trade volumes within Africa and with global partners continue to expand, efforts to modernise cross-border payment systems are emerging as a critical pillar of the continent’s economic transformation agenda.
The latest push was highlighted during the AfPAY RMB Commercialisation Roadshow, hosted by the African Export-Import Bank (Afreximbank) in Nairobi, Kenya. Representatives from more than 20 commercial banks, development finance institutions, and trade stakeholders examined new solutions aimed at simplifying international trade settlements and strengthening Africa’s participation in global commerce.
The discussions reflect growing calls from policymakers and trade experts for a more structured and integrated payment ecosystem that can reduce transaction costs, improve settlement times, and address the fragmentation that has historically constrained trade across African markets.
Afreximbank used the platform to showcase Afreximbank Trade Payment Services (AfPAY), an initiative designed to facilitate seamless trade settlements for African financial institutions and businesses. The engagement also demonstrated how the Bank’s role as a Direct Participant in the Cross-Border Interbank Payment System (CIPS) is supporting trade flows between Africa and China through efficient renminbi clearing, settlement, correspondent banking, and RMB Vostro account services.
The initiative reflects a broader shift toward building interconnected payment networks that reduce dependence on multiple intermediaries and provide African businesses with direct access to global markets.
With trade between Africa and China continuing to expand, stakeholders noted the importance of “reliable” and “cost-effective payment infrastructure” in supporting commercial activity, improving liquidity management, and enhancing the competitiveness of African firms engaged in international trade.
Analysts have long argued that fragmented payment systems and limited interoperability among financial institutions have increased the cost of doing business across borders. As a result, several continental initiatives are focused on creating an integrated financial architecture capable of supporting the objectives of the African Continental Free Trade Area (AfCFTA) and accelerating economic integration.
The Nairobi roadshow also highlighted Afreximbank’s broader trade-enabling ecosystem, including Afreximbank Trade Facilitation Programme (AFTRAF), trade guarantees, treasury services, the Africa Resource Mobilisation Programme, and the Collaborative Export Development Programme (CENDEP), all aimed at strengthening access to trade finance and reducing barriers to market participation.
Africa’s digital transformation agenda is now moving beyond fintech innovation alone toward the development of interconnected financial infrastructure that can support large-scale trade, investment, and industrialisation. This approach is viewed as critical to addressing longstanding challenges associated with cross-border payments, foreign exchange settlements, and access to trade finance.
