The opportunity for commercial banks in Zimbabwe to achieve more efficient, more transparent, and potentially cost-effective, trade settlement capabilities was on display in Harare on Tuesday, May 19 as the African Export-Import Bank (Afreximbank) held a commercialisation roadshow for its Afreximbank Trade Payment Services (AfPAY) and Cross-Border Interbank Payments and Settlements (CIPS) programme.
Launched in September 2022, AfPAY was designed to facilitate the settlement of international trade on open account terms on behalf of identified African financial institutions and their clients. It was developed specifically to address the banking challenges confronting African economies due to the withdrawal of many international banks from the continent as a result of stringent regulatory and compliance requirements as well as costs.
AfPAY and CIPS represent practical, technology-driven solutions to some of the most persistent obstacles to international payments in Africa, notably operational complexity, high transaction costs and limited transparency. In this context, the Zimbabwe AfPAY-CIPS Commercialization Roadshow served as a targeted response to persistent cross-border payment constraints that continue to affect African banks and their clients. It also advanced the broader agenda of regional financial integration and reinforced trade links between Africa and key global markets, including China.
Afreximbank highlighted how the adoption of AfPAY and CIPS could significantly improve efficiency of cross-border trade payments while reducing reliance on limited correspondent banking relationships and multiple currency conversions. The system would also support faster, more secure and more transparent settlement while strengthening the capacity of Zimbabwean banks to serve importers, exporters and corporate clients engaged in regional and international trade.
Commenting on the roadshow, Regional Director-SOAF, Mr Peter Olowononi, reiterated the Bank's commitment to equipping African financial institutions with practical payment solutions that facilitate trade, improve efficiency and broaden access.
"By expanding access to effective cross-border settlement channels, we are enabling banks to create greater value for their clients while strengthening Africa's connectivity with global markets," said Mr Olowononi.
He said that, with AfPay and CIPS, Zimbabwean banks should expect improved access to efficient cross-border settlement channels, stronger support for trade flows, and enhanced competitiveness for financial institutions and their clients within an increasingly dynamic payments environment.
Participating in the roadshow were representatives of Zimbabwe's main commercial banks and financial institutions as well as importers and exporters from across the country.
About Afreximbank
African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra- and extra-African trade. For over 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa's trade, accelerating industrialisation and intra-regional trade, thereby boosting economic expansion in Africa. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched 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. Working with the AfCFTA Secretariat and the AU, the Bank has set up a US$10 billion Adjustment Fund to support countries effectively participating in the AfCFTA. At the end of December 2025, Afreximbank's total assets and contingencies stood at over US$48.5 billion, and its shareholder funds amounted to US$8.4 billion. Afreximbank has investment grade ratings assigned by China Chengxin International Credit Rating Co., Ltd (CCXI) (AAA), GCR (A), Japan Credit Rating Agency (JCR) (A-), and. Moody's (Baa2). Afreximbank has evolved into a group entity comprising the Bank, its equity impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure (together, "the Group"). The Bank is headquartered in Cairo, Egypt.
For more information, visit: www.afreximbank.com
