11 CARICOM countries to pilot Africa trade payment system

The African Export-Import Bank (Afreximbank) opened its 30th annual meetings here on Monday, with Barbados Prime Minister Mia Mottley praising the bank’s payment system that would allow countries across the continent to trade with each other using their local currencies.

Eleven Caribbean Community (CARICOM) countries have joined Afreximbank, and last week the Association of CARICOM Central Banks adopted the bank’s Pan-African Payment and Settlement System (PAPSS) as their preferred payment infrastructure for a pilot project.

Afreximbank has 60 member nations, about US$32 billion in total assets and guarantees and an estimated US$6 billion in shareholders’ funds.


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Antigua & Barbuda

Commonwealth of Dominica



Saint Kitts and Nevis

Saint Lucia

St. Vincent and the Grenadines