The Africa Export Import Bank has successfully piloted the Caribbean version of its payment system that allows businesses and countries that use different currencies to trade without needing a third currency.
The Acting Chief Operating Officer of the Barbados-based Caribbean office of Afreximbank said they are calling for the Pan-African Payments and Settlement System in Africa.
In the Caribbean, it is known as the Caribbean Payment and Settlement System (CAPSS).
CAPSS is a digital financial infrastructure that facilitates real-time cross-border payments in domestic currencies, eliminating the need for United States dollars or third-party currencies in trade transactions.
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