Latest news with #financialintegration
Finextra
a day ago
- Business
- Finextra
Bank of Algeria joins Pan-African Payment and Settlement System
The Pan-African Payment and Settlement System (PAPSS) launched by African Export-Import Bank (Afreximbank) in collaboration with the African Union Commission (AUC) and the African Continental Free Trade Area (AfCFTA) Secretariat, has officially welcomed the Bank of Algeria into its growing network. 0 This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author. Algeria now becomes the 18th country of presence for PAPSS, marking a significant step in advancing Africa's journey towards deeper financial integration. This development is expected to further support cross-border payments and enhance the regulatory framework governing intra-African trade. Algeria's accession to PAPSS comes at a moment when the nation prepares to host the Intra-African Trade Fair 2025 (IATF2025) from 4th to 10th September 2025 in Algiers. This premier event, another flagship initiative of Afreximbank, is projected to bring together over 35,000 participants from more than 140 countries, creating an unrivalled platform for business, investment, and the realization of the AfCFTA vision. Mike Ogbalu III, Chief Executive Officer of PAPSS, celebrated this landmark event, stating: 'We are delighted to welcome the Bank of Algeria to the PAPSS network. Algeria's entry not only strengthens our presence in North Africa but also demonstrates the continent's rising confidence in our system as the engine for Africa's payment transformation. So far, PAPSS has reduced intra-Africa cross-border transaction costs among participating countries and enabled savings of up to 27% for end users, while helping banks experience transaction volume surges of over 1000% through digital channels integration. As our network grows, we're making African payments faster, more affordable, and accessible, catalysing economic growth and unlocking new opportunities for businesses and communities across Africa.' Mohamed Benbahane, Deputy Governor of Bank of Algeria, remarked: "In support of Algeria's commitment to contribute to accelerating African economic integration, the Bank of Algeria has joined the Pan-African Payments and Settlement System (PAPSS). This membership, which aims in particular to improve payment efficiency and facilitate intra-African trade, represents an essential lever for strengthening Algeria's role within the African financial ecosystem and supporting sustainable economic development in Africa." Since its debut in West Africa in 2022, PAPSS has rapidly expanded its reach, with significant momentum in Northern Africa, with Tunisia, Egypt, Morocco, and now Algeria on board. Today, PAPSS connects 18 countries across four African regions, more than 150 commercial banks, and 14 switches, evidence of growing trust in a solution that is revolutionizing how money moves within Africa and beyond.
Zawya
2 days ago
- Business
- Zawya
Bank of Algeria joins Pan-African Payment and Settlement System (PAPSS) network, accelerating financial integration in Africa as Algeria prepares to host Intra-African Trade Fair 2025 (IATF2025)
The Pan-African Payment and Settlement System (PAPSS) launched by African Export-Import Bank (Afreximbank) ( in collaboration with the African Union Commission (AUC) and the African Continental Free Trade Area (AfCFTA) Secretariat, has officially welcomed the Bank of Algeria into its growing network. Algeria now becomes the 18th country of presence for PAPSS, marking a significant step in advancing Africa's journey towards deeper financial integration. This development is expected to further support cross-border payments and enhance the regulatory framework governing intra-African trade. Algeria's accession to PAPSS comes at a moment when the nation prepares to host the Intra-African Trade Fair 2025 (IATF2025) from 4th to 10th September 2025 in Algiers. This premier event, another flagship initiative of Afreximbank, is projected to bring together over 35,000 participants from more than 140 countries, creating an unrivalled platform for business, investment, and the realization of the AfCFTA vision. Mike Ogbalu III, Chief Executive Officer of PAPSS, celebrated this landmark event, stating: 'We are delighted to welcome the Bank of Algeria to the PAPSS network. Algeria's entry not only strengthens our presence in North Africa but also demonstrates the continent's rising confidence in our system as the engine for Africa's payment transformation. So far, PAPSS has reduced intra-Africa cross-border transaction costs among participating countries and enabled savings of up to 27% for end users, while helping banks experience transaction volume surges of over 1000% through digital channels integration. As our network grows, we're making African payments faster, more affordable, and accessible, catalysing economic growth and unlocking new opportunities for businesses and communities across Africa.' Mohamed Benbahane, Deputy Governor of Bank of Algeria, remarked: "In support of Algeria's commitment to contribute to accelerating African economic integration, the Bank of Algeria has joined the Pan-African Payments and Settlement System (PAPSS). This membership, which aims in particular to improve payment efficiency and facilitate intra-African trade, represents an essential lever for strengthening Algeria's role within the African financial ecosystem and supporting sustainable economic development in Africa." Since its debut in West Africa in 2022, PAPSS has rapidly expanded its reach, with significant momentum in Northern Africa, with Tunisia, Egypt, Morocco, and now Algeria on board. Today, PAPSS connects 18 countries across four African regions, more than 150 commercial banks, and 14 switches, evidence of growing trust in a solution that is revolutionizing how money moves within Africa and beyond. Distributed by APO Group on behalf of Afreximbank. About PAPSS: The Pan-African Payment and Settlement System – PAPSS is a centralised Financial Market Infrastructure that enables the efficient flow of money securely across African borders, minimising risk and contributing to financial integration across the regions. PAPSS collaborates with African central banks to offer payment and settlement solutions that commercial banks and licensed payment service providers (switches, fintechs, aggregators, etc.) across the continent can connect to, making these services accessible to the public. To date, PAPSS has developed and launched 3 payment solutions: PAPSS Instant Payment System (IPS), PAPSS African Currency Marketplace (PACM), and the PAPSSCARD. Afreximbank and the African Union ('AU') first announced PAPSS at the Twelfth Extraordinary Summit of the African Union held on July 7, 2019, in Niamey, Niger Republic, therefore adopting PAPSS as a key instrument for the implementation of the African Continental Free Trade Agreement (AfCFTA). Further, in its thirteenth (13th) extraordinary session, held on December 5, 2020, the assembly of the African Union directed Afreximbank and the AfCFTA secretariat to finalise, among others, work on the Pan-African Payments and Settlements System (PAPSS). The 35th Ordinary Session of the Assembly of the AU further directed the AfCFTA and Afreximbank to deploy the system to cover the entire continent. PAPSS was officially launched in Accra, Ghana, on January 13, 2022, thus making it available for use by the public.
Zawya
23-07-2025
- Business
- Zawya
SIB signs strategic agreement with Jordan's Alawneh Exchange
Sharjah Islamic Bank (SIB) has announced the signing of a strategic cooperation agreement with Alawneh Exchange, one of the largest exchange companies in the Hashemite Kingdom of Jordan. This milestone agreement marks a significant step in enhancing regional partnerships and advancing cross-border remittance solutions between Jordan and the UAE, making them faster, more secure, efficient, and cost-effective. The agreement was signed by Hakam Abu Zarour, COO of Sharjah Islamic Bank, and Ayman Alawneh, CEO of Alawneh Exchange, in the presence of Hamad Abdullah Al Matroushi, Acting Head of the UAE Embassy in Jordan; Saeed Al Ameri, head of investments, treasury and financial institutions at SIB; representatives from the Central Bank of Jordan; senior executives from both parties; and a select group of professionals from the banking and financial sector. Under this agreement, Alawneh Exchange becomes the first Jordanian exchange company to sign a direct agreement with an Islamic bank in the UAE, reinforcing Sharjah Islamic Bank's position as a leading institution in driving financial integration and cross-border cooperation. The partnership positions the Bank as a vital link in strengthening financial and trade connectivity between the GCC and the Levant region. The agreement aims to simplify and optimise capital flow between the two countries—for both individuals and businesses—by providing smoother and more cost-effective transfer channels, and enhancing the banking experience through the opening of an AED account at Sharjah Islamic Bank on behalf of Alawneh Exchange. This account will enable secure and direct settlement of both personal and commercial transfers. Commenting on the agreement, Hakam Abu Zarour, COO of Sharjah Islamic Bank, stated, "This agreement reflects SIB's firm commitment to expanding its network of regional partnerships. It is a strategic milestone aligned with our vision to facilitate capital flows and provide Sharia-compliant financial services to support the growing commercial and financial activities between the UAE and Jordan." He added, "The partnership also aligns with the Bank's broader strategy to drive innovation in digital financial services and accelerate cross-border transactions by offering more efficient and flexible remittance channels. It also supports our contribution to sustainable development goals and promotes financial inclusion, helping to stimulate economic growth and enhance the regional business environment." For his part, Ayman Alawneh, CEO of Alawneh Exchange, commented, 'We are proud to sign this strategic agreement with Sharjah Islamic Bank, which represents a major step forward in our journey to expand our regional partnerships and enhance remittance services between Jordan and the UAE. This collaboration will allow us to deliver faster, safer, and more efficient solutions to our individual and corporate clients.' He added, 'The agreement builds upon our ongoing efforts to improve remittance systems and leverage the advanced banking infrastructure offered by Sharjah Islamic Bank. We are confident this partnership will support financial inclusion and facilitate capital movement in a way that benefits the national economy and meets the needs of our clients in both countries.'
Al Bawaba
23-07-2025
- Business
- Al Bawaba
Sharjah Islamic Bank Signs Strategic Agreement with Alawneh Exchange to Strengthen Financial Connectivity Between Jordan and the UAE
Sharjah Islamic Bank (SIB) has announced the signing of a strategic cooperation agreement with Alawneh Exchange, one of the largest exchange companies in the Hashemite Kingdom of Jordan. This milestone agreement marks a significant step in enhancing regional partnerships and advancing cross-border remittance solutions between Jordan and the UAE, making them faster, more secure, efficient, and agreement was signed by Mr. Hakam Abu Zarour, COO of Sharjah Islamic Bank, and Mr. Ayman Alawneh, CEO of Alawneh Exchange, in the presence of H.E. Hamad Abdullah Al Matroushi, Acting Head of the UAE Embassy in Jordan; Mr. Saeed Al Ameri, head of investments, treasury and financial institutions at SIB; representatives from the Central Bank of Jordan; senior executives from both parties; and a select group of professionals from the banking and financial this agreement, Alawneh Exchange becomes the first Jordanian exchange company to sign a direct agreement with an Islamic bank in the UAE, reinforcing Sharjah Islamic Bank's position as a leading institution in driving financial integration and cross-border cooperation. The partnership positions the Bank as a vital link in strengthening financial and trade connectivity between the GCC and the Levant Banking Experience and Facilitating TransfersThe agreement aims to simplify and optimize capital flow between the two countries—for both individuals and businesses—by providing smoother and more cost-effective transfer channels, and enhancing the banking experience through the opening of an AED account at Sharjah Islamic Bank on behalf of Alawneh Exchange. This account will enable secure and direct settlement of both personal and commercial Innovation in Digital Financial ServicesCommenting on the agreement, Hakam Abu Zarour, COO of Sharjah Islamic Bank, stated: "This agreement reflects SIB's firm commitment to expanding its network of regional partnerships. It is a strategic milestone aligned with our vision to facilitate capital flows and provide Sharia-compliant financial services to support the growing commercial and financial activities between the UAE and Jordan."He added, "The partnership also aligns with the Bank's broader strategy to drive innovation in digital financial services and accelerate cross-border transactions by offering more efficient and flexible remittance channels. It also supports our contribution to sustainable development goals and promotes financial inclusion, helping to stimulate economic growth and enhance the regional business environment."For his part, Ayman Alawneh, CEO of Alawneh Exchange, commented: 'We are proud to sign this strategic agreement with Sharjah Islamic Bank, which represents a major step forward in our journey to expand our regional partnerships and enhance remittance services between Jordan and the UAE. This collaboration will allow us to deliver faster, safer, and more efficient solutions to our individual and corporate clients.' He added, 'The agreement builds upon our ongoing efforts to improve remittance systems and leverage the advanced banking infrastructure offered by Sharjah Islamic Bank. We are confident this partnership will support financial inclusion and facilitate capital movement in a way that benefits the national economy and meets the needs of our clients in both countries.'
Zawya
17-07-2025
- Business
- Zawya
CINET continues expanding GCC integration with Mala'a from Oman
Kuwait: Kuwait Credit Information Network Company (CINET) has announced the launch of a new credit information exchange with the Oman Credit and Financial Information Centre (Mala'a), marking a strategic milestone in the implementation of the GCC Supreme Council's resolution to strengthen financial and credit integration among member states. This was formalized during a launch ceremony at CINET's headquarters in Kuwait, attended by senior executives from both institutions. This step represents a pivotal advancement in establishing a unified Gulf framework for cross-border credit information exchange. The initiative provides financial institutions in Kuwait and Oman with secure, institutionalized access to real-time credit data, to facilitate intelligent financial decisions and navigate risk with confidence. It also comes in alignment with the directives of the GCC Financial and Economic Committee and adheres to the Unified Banking Supervision Standards. The collaboration also serves as a foundation for sharing expertise and promoting best practices within the credit information industry. Both parties are working jointly to develop innovative solutions, striving for excellence in products, services, and performance while adhering to privacy laws and regulations, and maintaining strong data protection and security standards. Commenting on the launch, Mai B. Al-Owaish, CEO of CINET, stated: 'This integration contributes to expanding access to accurate and reliable data, which empowers financial institutions to make informed lending decisions on credit risk. It also promotes deeper integration within the regional credit ecosystem. This partnership aligns with our strategic vision to build bridges and partnerships within Kuwait and outside to achieve shared goals and deliver value for customers and support the broader economy.' For her part, Manahil Jaffar, Mala'a's Acting General Manager, stating: 'This collaboration marks a significant milestone in the journey toward Gulf financial integration and reflects Mala'a's commitment to enhancing transparency and expanding access to accurate and reliable credit information. Through this linkage with CINET, we are enabling financial institutions to make informed decisions that support economic growth and stability across the region. It also paves the way for knowledge exchange and the development of a unified digital infrastructure that supports the future of the Gulf financial sector.' CINET continues to lead as the sole provider of credit information and scoring services in Kuwait, expanding its regional partnerships to foster transparency and support the GCC's vision of building a more connected and sustainable economic ecosystem. About CINET Kuwait Credit Information Network (CINET) seeks to provide inquiry services, credit score, and credit information in an innovative manner and with the highest levels of professionalism and trustworthiness. The company contributes to strengthening the credit system, improving the credit culture, and raising the degree of trust among clients in the credit community. The activities of the Kuwait Credit Information Network Company are subject to the control and supervision of the Central Bank of Kuwait. Law No. 9 of 2019 regulates the exchange of credit information. Executive regulations of Law No. 9 of 2019. For more information: Kuwait Credit Information Network Company Al Mirqab - Othman Bin Affan Street - Capital Tower - Floor: 35 Website:
