Latest news with #AfPAY

See - Sada Elbalad

Afreximbank's Assets Surge to $43.5 Billion

Taarek Refaat As his transformative tenure comes to a close, Professor Benedict Oramah, President of the African Export-Import Bank (Afreximbank), announced a monumental rise in the institution's assets, revenues, and impact over the past decade, as he officially steps down during the opening session of the Bank's 32nd Annual Meetings hosted in Nigeria. Speaking before stakeholders and dignitaries, Oramah revealed that Afreximbank's total assets and guarantees soared from $5 billion in 2015 to $43.5 billion in April 2025—a more than eightfold increase. Over the same period, total revenues jumped from $408 million to $3.24 billion, while net income surged by 700%, reaching $1 billion in 2024. Oramah, who has helmed the bank since 2015, reflected on a decade marked by crises and resilience. 'We were tested by shocks—from commodity price crashes and a global pandemic to geopolitical upheaval—but with strong shareholder support, we delivered," he said. Though stepping down, Oramah set an ambitious tone for Afreximbank's next chapter, forecasting that the bank's total assets and guarantees could exceed $250 billion within the next ten years. 'Today, Afreximbank is not just a bank—it is a continental shield in times of crisis and a catalyst for Africa's transformation,' he stated. Afreximbank's track record under Oramah's leadership has been marked by bold and responsive financial interventions across the continent and beyond. Between 2020 and May 2025, the bank invested $120 billion across Africa and the Caribbean, addressing urgent development and recovery needs. Over the past decade, it deployed a total of $155 billion in trade finance and economic support, solidifying its role as a financial backbone for African economies. During the 2015–2016 commodity price shock, Afreximbank disbursed $10 billion to support countries such as Nigeria, Egypt, and Ghana in meeting their trade-related debt obligations and stabilizing their foreign exchange markets. Amid the COVID-19 pandemic, the bank allocated $8 billion in assistance—including $2 billion specifically for the procurement of 400 million doses of Johnson & Johnson vaccines. In response to the geopolitical and economic disruptions caused by the Russia–Ukraine conflict, Afreximbank disbursed $50 billion between 2022 and 2023, further reinforcing its role as a crisis-response institution for the continent. Innovation in Payments and Trade Finance Since the launch of Afreximbank's proprietary "AfPAY" cross-border payment system in 2020, the bank has facilitated $68 billion in commercial payments across 61 African and Caribbean nations. Additionally, it supported $33 billion in trade finance through letters of credit and confirmation services in over 30 countries. These financial instruments have helped reduce Africa's dependency on foreign currency and streamlined intra-African trade in line with the African Continental Free Trade Area (AfCFTA) agenda. Shareholder equity has grown dramatically—from $1 billion in 2015 to $7.5 billion in 2025, while liquidity expanded tenfold from $450 million to $4.5 billion over the same period. As Professor Oramah exits his post, he leaves behind not just a stronger institution, but a symbol of African financial sovereignty and resilience. "It has been the honor of a lifetime to lead Afreximbank during these defining years," he said, thanking Nigeria for hosting what would be his final address to shareholders as president. His legacy, by all metrics, is one of exponential growth, bold leadership, and deep commitment to Africa's future. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream News Shell Unveils Cost-Cutting, LNG Growth Plan Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean