The Arab Monetary Fund (AMF) and the African Export-Import Bank (Afreximbank) have signed a Memorandum of Understanding (MoU) for the cooperation and interoperability between Buna, the cross-border payment system owned by the AMF, and the Pan-African Payment and Settlement System (PAPSS) owned by Afreximbank.
Under the terms of this MoU, Buna and PAPSS will collaborate to achieve efficient interoperability between their platforms and act as payment gateways integrating the Arab world into the African continent.
Buna and PAPSS interoperability 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.
“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. 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.”
This strategic collaboration is in line with Buna’s mission to play a pivotal role in supporting the growth of trade and investments between the Arab region and Africa. It highlights the promising opportunity and high potential for payment systems like Buna and PAPSS to drive and support the growth of trade exchange and investment flows between the Arab world and Africa.
His Excellency Professor Benedict Oramah, President of Afreximbank, said that “The MoU with BUNA is yet another milestone that PAPSS has registered after its commercial launch. The integration will enable the banks across Africa and the Arab World to have a seamless and one-stop center for supporting their clients to transfer value to their counterparts from either region.”