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Afreximbank and BAFT Deliver Correspondent Banking Training to African Respondent Banks

170+ participants from 30 banks in 20 African countries offered an overview of critical aspects to consider when establishing new correspondent banking relationships.

CAIRO/WASHINGTON – The African Export-Import Bank (Afreximbank) and BAFT (Bankers Association for Finance and Trade) organized a successful series of training workshops for thirty African respondent banks between May and October 2021 to enhance their ability to obtain and maintain correspondent banking relationships.

The three-day training session attended by over one 170 participants from twenty African countries offered an overview of critical aspects to consider when establishing new correspondent banking relationships.

In the current context where access to correspondent banking services is becoming increasingly costly due to heightened regulatory expectations, particularly concerning Anti-Money Laundering and Counter-Terrorism Financing, the attendees participated in an in-depth discussion on respondent best practices for due diligence, maintaining relationships, and how to engage money service businesses and fintech companies.

Denys Denya, Afreximbank’s Executive Vice President in charge of Finance, Administration and Banking Services said, “As part of Afreximbank’s Correspondent Banking and Trade Services Strategy, we have been supporting banks in our member states to have access to the international banking market by providing them with trade finance lines and advisory Services. Improving the capacity of African banks to enable them to access correspondent banking services is also a key part of our mandate, and capacity building is a major activity in this regard.”

“We are delighted that the BAFT Respondent’s Playbook has been introduced to so many banks in the region. Our hope is that they better understand the expectations of correspondent banks and regulators, and are able to apply key takeaways to assist in building and maintaining correspondent banking relationships.” said Tod Burwell, President & CEO, BAFT.

About Afreximbank

African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra-and extra-African trade. The Bank deploys innovative structures to deliver financing solutions that support the transformation of the structure of Africa’s trade, accelerating industrialization and intra-regional trade, thereby boosting economic expansion in Africa. At the end of 2020, Afreximbank’s total assets and guarantees stood at US$21.5 billion, and its shareholder funds amounted to US$3.4 billion. The Bank disbursed more than US$42 billion between 2016 and 2020. Afreximbank has ratings assigned by GCR (international scale) (A-), Moody’s (Baa1) and Fitch (BBB-). It is headquartered in Cairo, Egypt.

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About BAFT

BAFT, the leading global financial services association for international transaction banking, helps bridge solutions across financial institutions, service providers and the regulatory community that promote sound financial practices enabling innovation, efficiency, and commercial growth. BAFT engages on a wide range of topics affecting transaction banking, including trade finance, payments, and compliance.

To learn how your organization can access BAFT’s Respondent’s Playbook Training or for additional training or educational topics, please email [email protected].

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