Arab Monetary Fund (AMF) and African Export-Import Bank (Afreximbank) signed a Memorandum of Understanding (MoU) to set the groundwork for cooperation and interoperability between Buna, the cross-border and multi-currency payment system owned by the AMF, and the Pan-African Payment and Settlement System (PAPSS), owned by Afreximbank. Under the MoU, Buna and PAPSS will collaborate to achieve smooth interoperability between their platforms and act as payment gateways that connect the Arab world to Africa.
Through the integration of Buna and PAPSS, they will enable their participants to process cross-border payments in multiple currencies in a fast, cost-effective, and secure way and expand their footprint in the global payment landscape. This strategic collaboration is in line with Buna’s mission to play a pivotal role in promoting trade and investments between Africa and the Arab world. Payment systems such as Buna and PAPSS have the potential to drive and support the growth of trade exchanges and investment flows between the Arab world and Africa.