Cairo/Washington 26 July 2021 – African Export-Import Bank (Afreximbank) and the Bankers Association for Finance and Trade (BAFT) today announced the launch of a series of training workshops for African respondent banks to enhance their ability to obtain and maintain correspondent banking relationships.
The first round of workshops, to be held virtually on 27, 28, and 29 July 2021, is primarily geared toward compliance and risk management staff, as well as transaction banking business line and credit officers from the private sector and central banks across Africa.
In the current context where access to correspondent banking services is becoming increasingly costly due to heightened regulatory expectations, particularly in relation to Anti-Money Laundering and Counter-Terrorism Financing, the three-day training sessions will provide an overview of important elements to be considered by respondent banks when establishing new correspondent banking relationships. Attendees will participate in in-depth discussions on respondent best practices for due diligence, maintaining relationships, and working with money service businesses and Fintech companies.
Afreximbank has identified BAFT as a strategic partner in this initiative, utilizing the BAFT Respondent Playbook, the industry-leading approach to capacity building.
“We are thrilled to launch such an important capacity-building initiative in cooperation with Afreximbank in markets deeply affected by correspondent banking de-risking,” said Tod Burwell, BAFT president, and CEO. “We hope that participants gain new knowledge and insight on ways to strengthen relationships with correspondent banks.”
“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 key part of our mandate and capacity building is a major activity in this regard,” said Denys Denya, Afreximbank’s Executive Vice President in charge of Finance, Administration, and Banking Services.
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.
——
Disclaimer: The content of the above information is sourced (or provided), in entirety or in parts from an external source and the content may or may not be edited. The Wealth Today shall not be held liable for damages arising out of any action taken with respect to the use or consumption of information or service published above or anywhere else on the website. This website does not guarantee the accuracy, views, opinions or any promises expressed in the above news.
If you find any errors or discrepancies in the above information, you can write to us at editor@thewealth.today.
——
