Latest news with #AfricanExport-ImportBank
Al-Ahram Weekly
5 hours ago
- Business
- Al-Ahram Weekly
Africa launches 1st Pan-African card scheme, PAPSSCARD, to boost financial sovereignty - Economy
Africa has marked a significant step towards financial independence following the launch of PAPSSCARD, the continent's first Pan-African card scheme. Launched Friday at the 32nd Afreximbank Annual Meetings in Abuja, Nigeria, the new card represents a major leap in Africa's efforts to achieve financial sovereignty by building resilient and independent payment systems, easing people travel and boosting trade integration. PAPSSCARD, a joint-venture between the African Export-Import Bank (Afreximbank), the Pan-African Payment and Settlement System (PAPSS) and Mercury Payment Services (MPS), enables fast, secure, and affordable retail payments across African borders. While most African card payments are currently routed through global systems, leading to increased fees and loss of data control, PAPSSCARD changes the game by processing transactions entirely within the continent, keeping value, data, and economic benefit in Africa. Speaking during the launching event, Afreximbank President and Chairman of the Board of Directors Professor Benedict Oramah highlighted the significance of PAPSSCARD in reclaiming Africa's financial autonomy. 'For too long, Africa's reliance on external payment systems has impeded trade, increased costs, and compromised control over our financial data. PAPSSCARD changes that,' Oramah said. 'It empowers us to move money swiftly, securely, and affordably across our borders. It is a transformative step towards strengthening intra-African trade and preserving value within the continent.' Additionally, CEO of PAPSS Mike Ogbalu III described PAPSSCARD as a major advancement in the continent's financial architecture, noting that it is 'more than just a payment tool, it is a powerful symbol of progress and a bold step towards financial independence.' He added that the card reflects Africa's ability to create practical, home-grown solutions that align with the way the continent trades, lives, and grows. Furthermore, Executive Chairman of Mercury Muzaffar Khokhar described the step as a milestone in Africa's move toward financial sovereignty. 'We are proud to support a system built by Africa, and for Africa. This is about sovereignty, innovation, and building trust in African systems to shape the continent's financial future,' Khokhar said during his speech. 'The PAPSSCARD will become Africa's most trusted payments brand, strengthening the backbone of the continent's financial future.' Moreover, Acting CEO of PAPSSCARD John Bosco Sebabi said that the new payment offering will unlock benefits for a wide range of stakeholders, from corporates and banks to merchants and individuals. He noted that the PAPSSCARD would reduce costs for public institutions, support innovation across the financial sector, and expand access to secure, modern payment tools for people and businesses across the continent. During the event, commemorative cards were unveiled to mark the launch of the PAPSSCARD. This initiative was made possible by strategic partnerships with issuing banks; Bank of Kigali and I&M Bank Rwanda; Rswitch, Rwanda's national e-payment switch - SmartCash; and Unified Payments, ensuring its seamless acceptance throughout Nigeria. African central banks and payment systems are set to spearhead the continent-wide adoption and rollout of the new PAPSSCARD. This initiative will significantly advance Afreximbank's strategy to promote financial inclusion and boost intra-African trade under the African Continental Free Trade Area (AfCFTA), fostering a more integrated and self-sustaining African economy. Follow us on: Facebook Instagram Whatsapp Short link:
Business Insider
2 days ago
- Business
- Business Insider
"We can turn Africa into a 'heaven' in the next five years" — Dangote
Africa's richest man, Aliko Dangote, has urged Africans to adopt bold thinking and a long-term mindset, asserting that the continent could be transformed into a 'heaven' within just five years. Aliko Dangote, Africa's richest man, advocates for bold thinking and long-term vision to transform the continent within five years. Dangote emphasized that Africans must believe in their potential to make the continent productive and growth-focused. He has spearheaded major investments, including the $20 billion Dangote Refinery in Lagos, the world's largest single-train oil refinery. Africa's richest man, Aliko Dangote, has urged Africans to adopt bold thinking and a long-term mindset, asserting that the continent could be transformed into a 'heaven' within just five years. He made the remarks on Friday while speaking at the 32nd Annual Meeting of the African Export-Import Bank (Afreximbank). 'We can actually turn Africa into a heaven in the next five years. It doesn't take time. Like I keep saying: You need to think big, and then you grow big,' Dangote stated. 'We African champions should know that we are the only people who can make Africa great. Nobody will do that for us. So, as such, we need to make sure that we concentrate. We believe in our own continent. The job of people like us is not about amassing wealth. It's about creating wealth," he said. Africa's foremost industrialist has long championed investments in the continent's development. His commitment recently drew praise from the Nigerian government for prioritizing national advancement over the allure of tech windfalls. Rather than betting on global giants like Amazon, Microsoft, or Google, investments that could have boosted his net worth to $120 billion, Dangote chose instead to build the world's largest single-train oil refinery in Lagos. Reshaping Africa's energy future Valued at $20 billion, the Dangote Refinery is now Africa's biggest and a transformative force in the region's energy sector. Although delayed for several years, the refinery officially began production of diesel, naphtha, and jet fuel in January last year, followed by petrol production in September. The massive facility surpasses the capacity of Europe's 10 largest refineries. According to the Organisation of the Petroleum Exporting Countries (OPEC), Dangote's oil push in Nigeria is already starting to disrupt the European oil market. Economists suggest that the Dangote refinery could potentially end the long-standing gasoline trade from Europe to Africa, which is valued at $17 billion annually. Earlier this year, Aliko Dangote projected that his conglomerate is on track to generate $30 billion in total revenue next year, despite growing concerns among global businesses about the potential impact of U.S. President Donald Trump's trade tariffs.
TimesLIVE
2 days ago
- Business
- TimesLIVE
New Afreximbank president George Elombi vows to stick to script
Incoming president of the African Export-Import Bank (Afreximbank) George Elombi says he will dedicate efforts in his new role towards achieving the institution's mandate of transforming Africa's trade configuration to drive long-term economic development. Elombi, a Cameroonian with an LLM and PhD in law from the University of London, addressed journalists in Abuja, Nigeria, on Saturday after a meeting where he was elected to succeed outgoing president Benedict Oramah. Elombi's term is set to begin in September. The Afreximbank AGM ran from Wednesday to Saturday. After his election Elombi said he planned to reinvent the wheel once he takes the helm at the institution. He said shareholders were pleased with the work the institution had done over the past decade. In 10 years, Afreximbank's value in assets surged from $4bn to $40bn. 'The key mandate of Afreximbank ... is to change the structure of our trade so we can face development head-on. That we started doing very boldly in the past few years, and that we cannot relinquish. Deal with the port, deal with the power stations, deal with the infrastructure. Once you solve that, the development will come.' 'The shareholders met today and made a series of decisions. But what emerges from that series of decisions is two things. One, an affirmation of the work Afreximbank has been doing for the last 10 years. They are pleased with the financial position of the institution, and they are pleased with the projects of the institution. They want us to carry on.
TimesLIVE
2 days ago
- Business
- TimesLIVE
New Afreximbank president vows to stick to the script
Incoming president of the African Export-Import Bank (Afreximbank), George Elombi said he would dedicate efforts in his new role towards achieving the institution's mandate of transforming Africa's trade configuration to drive long-term economic development. Elombi, a Cameroonian with an LLM and PhD in law from the University of London, addressed journalists in Abuja, Nigeria, on Saturday after a meeting where he was elected to succeed outgoing president Benedict Oramah. Elombi's term is set to begin in September. The Afreximbank AGM ran from Wednesday to Saturday. After his election Elombi said he planned to reinvent the wheel once he takes the helm at the institution. He said shareholders were pleased with the work the institution had done over the past decade. In 10 years, Afreximbank's value in assets surged from $4bn to $40bn. 'The key mandate of Afreximbank ... is to change the structure of our trade so we can face development head-on. That we started doing very boldly in the past few years, and that we cannot relinquish. Deal with the port, deal with the power stations, deal with the infrastructure. Once you solve that, the development will come.' 'The shareholders met today and made a series of decisions. But what emerges from that series of decisions is two things. One, an affirmation of the work Afreximbank has been doing for the last 10 years. They are pleased with the financial position of the institution, and they are pleased with the projects of the institution. They want us to carry on. 'Those messages were repeatedly made clear throughout the week, from seminars to panels to side events, those were the two clear messages. The third thing was the resounding round of applause given to you Mr Oramah for the work that you have done in enhancing the work and the relevance of the institution.' Outgoing president Oramah said the 2025 Afreximbank annual meeting had fruitful engagements for business leaders, African government officials, and the remainder of the more than 7,000 delegates in attendance. 'We made very important decisions ... The first is that we had a very smooth process of appointing my successor, George Elombi. The vote went smoothly and he received unanimous support, getting 100% of the vote. They also elected two new board members to replace those who retired.' Oramah said Afreximbank was in a sound financial, governance and operational position after the AGM and had delivered on its fiduciary obligations as a multilateral development finance institution. 'We also approved the annual report and financial statements for 2024. We also approved the dividend declarations as prescribed by the shareholders.' Asked what he would do after stepping down as president of the multilateral development finance institution, Oramah simply said: 'The next job is to rest.' He said he would build stronger relationships and 'become a better family man'.
See - Sada Elbalad
3 days ago
- Business
- See - Sada Elbalad
Afreximbank's Assets Surge to $43.5 Billion
Taarek Refaat As his transformative tenure comes to a close, Professor Benedict Oramah, President of the African Export-Import Bank (Afreximbank), announced a monumental rise in the institution's assets, revenues, and impact over the past decade, as he officially steps down during the opening session of the Bank's 32nd Annual Meetings hosted in Nigeria. Speaking before stakeholders and dignitaries, Oramah revealed that Afreximbank's total assets and guarantees soared from $5 billion in 2015 to $43.5 billion in April 2025—a more than eightfold increase. Over the same period, total revenues jumped from $408 million to $3.24 billion, while net income surged by 700%, reaching $1 billion in 2024. Oramah, who has helmed the bank since 2015, reflected on a decade marked by crises and resilience. 'We were tested by shocks—from commodity price crashes and a global pandemic to geopolitical upheaval—but with strong shareholder support, we delivered," he said. Though stepping down, Oramah set an ambitious tone for Afreximbank's next chapter, forecasting that the bank's total assets and guarantees could exceed $250 billion within the next ten years. 'Today, Afreximbank is not just a bank—it is a continental shield in times of crisis and a catalyst for Africa's transformation,' he stated. Afreximbank's track record under Oramah's leadership has been marked by bold and responsive financial interventions across the continent and beyond. Between 2020 and May 2025, the bank invested $120 billion across Africa and the Caribbean, addressing urgent development and recovery needs. Over the past decade, it deployed a total of $155 billion in trade finance and economic support, solidifying its role as a financial backbone for African economies. During the 2015–2016 commodity price shock, Afreximbank disbursed $10 billion to support countries such as Nigeria, Egypt, and Ghana in meeting their trade-related debt obligations and stabilizing their foreign exchange markets. Amid the COVID-19 pandemic, the bank allocated $8 billion in assistance—including $2 billion specifically for the procurement of 400 million doses of Johnson & Johnson vaccines. In response to the geopolitical and economic disruptions caused by the Russia–Ukraine conflict, Afreximbank disbursed $50 billion between 2022 and 2023, further reinforcing its role as a crisis-response institution for the continent. Innovation in Payments and Trade Finance Since the launch of Afreximbank's proprietary "AfPAY" cross-border payment system in 2020, the bank has facilitated $68 billion in commercial payments across 61 African and Caribbean nations. Additionally, it supported $33 billion in trade finance through letters of credit and confirmation services in over 30 countries. These financial instruments have helped reduce Africa's dependency on foreign currency and streamlined intra-African trade in line with the African Continental Free Trade Area (AfCFTA) agenda. Shareholder equity has grown dramatically—from $1 billion in 2015 to $7.5 billion in 2025, while liquidity expanded tenfold from $450 million to $4.5 billion over the same period. As Professor Oramah exits his post, he leaves behind not just a stronger institution, but a symbol of African financial sovereignty and resilience. "It has been the honor of a lifetime to lead Afreximbank during these defining years," he said, thanking Nigeria for hosting what would be his final address to shareholders as president. His legacy, by all metrics, is one of exponential growth, bold leadership, and deep commitment to Africa's future. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream News Shell Unveils Cost-Cutting, LNG Growth Plan Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean
