The Arab Monetary Fund (AMF) and the African Export-Import Bank (Afreximbank) announced the signing of a memorandum of understanding (MoU) that lays the foundation for cooperation and interoperability between Buna, the AMF-owned cross-border and multi-currency payment system, and the Pan African Payment and Settlement System (PAPSS), owned by Afreximbank.
Under the MOU, Buna and PAPSS will cooperate to achieve effective interoperability between their respective platforms and act as payment gateways linking the Arab region to the African continent. The interoperability of Buna and PAPSS will enable their participants to process fast, cost-effective and secure cross-border payments in multiple currencies and expand their footprint in the global payments landscape.
Modernizing cross-border payments
This strategic collaboration is in line with Buna’s mission to play a central role in supporting the growth of trade and investment between the Arab region and Africa. It highlights the promising opportunity and high potential of payment systems such as Buna and PAPSS to stimulate and support the growth of trade and investment flows between the Arab world and Africa.