Cairo, 15 December 2021 – African Export-Import Bank (Afreximbank) and BAFT (Bankers Association for Finance and Trade) organized a successful series of training workshops for thirty African respondent banks between May and October 2021 to enhance their ability to obtain and maintain correspondent banking relationships.
The three-day training session attended by over 170 participants from 20 African countries offered an overview of critical aspects to consider when establishing new correspondent banking relationships.
In the current context where access to correspondent banking services is becoming increasingly costly due to heightened regulatory expectations, particularly concerning Anti-Money Laundering and Counter-Terrorism Financing, the attendees participated in an in-depth discussion on respondent best practices for due diligence, maintaining relationships, and how to engage money service businesses and Fintech companies.
Mr. Denys Denya, Afreximbank’s Executive Vice President in charge of Finance, Administration and Banking Services said:
“As part of Afreximbank’s Correspondent Banking and Trade Services Strategy, we have been supporting banks in our member states to have access to the international banking market by providing them with trade finance lines and Advisory Services. Improving the capacity of African banks to enable them to access correspondent banking services is also a key part of our mandate, and capacity building is a major activity in this regard.”
Mr. Tod Burwell, President and CEO, BAFT said:
“We are delighted that the BAFT Respondents Playbook has been introduced to so many banks in the region. Our hope is that they better understand the expectations of correspondent banks and regulators and are able to apply key takeaways to assist in building and maintaining correspondent banking relationships.”
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African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra-and extra-African trade. Afreximbank deploys innovative structures to deliver financing solutions that support the transformation of the structure of Africa’s trade, accelerating industrialization and intra-regional trade, thereby boosting economic expansion in Africa. The Bank has a rich history of intervening in support of African countries in times of crisis. Through the Pandemic Trade Impact Mitigation Facility (PATIMFA) launched in April 2020, Afreximbank has disbursed more than US$6.5 billion in 2020 to help member countries manage the adverse impact of financial, economic, and health shocks caused by the COVID-19 pandemic. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has completed the development of a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Afreximbank is working with the AU and the AfCFTA Secretariat to develop an Adjustment Facility to support countries in effectively participating in the AfCFTA. At the end of 2020, the Bank’s total assets and guarantees stood at US$21.5 billion, and its shareholder funds amounted to US$3.4 billion. Afreximbank disbursed more than US$42 billion between 2016 and 2020. The Bank has ratings assigned by GCR (international scale) (A-), Moody’s (Baa1) and Fitch (BBB-). The Bank is headquartered in Cairo, Egypt.
For more information, visit: www.afreximbank.com.
BAFT, the leading global financial services association for international transaction banking, helps bridge solutions across financial institutions, service providers and the regulatory community that promote sound financial practices enabling innovation, efficiency, and commercial growth. BAFT engages on a wide range of topics affecting transaction banking, including trade finance, payments, and compliance.
To learn how your organization can access BAFT’s Respondent’s Playbook Training or for additional training or educational topics, please email email@example.com.