Afreximbank Successfully Pilots Caribbean Cross-Border Payment System

The Africa Export-Import Bank (Afreximbank) has successfully completed a pilot of its Caribbean Payment and Settlement System (CAPSS), a digital infrastructure enabling cross-border transactions in local currencies without reliance on third-party currencies like the U.S. dollar.

Okechukwu Ihejirika, acting chief operating officer of Afreximbank’s Caribbean Office, announced the milestone during the bank’s 32nd Annual Meeting (AAM2025) in Abuja, Nigeria. CAPSS mirrors the Pan-African Payments and Settlement System (PAPPS), which facilitates intra-African trade in domestic currencies.

The system was adapted for the Caribbean after identifying similar regional challenges.

A proof-of-concept trial conducted in February between the central banks of Barbados and The Bahamas confirmed the system’s viability. “It was a resounding success,” Ihejirika said, adding that plans are underway to expand the pilot to include countries with both fixed and floating exchange rates.

Since 2022, 12 of the 15 CARICOM member states have joined the partnership agreement with Afreximbank. The bank is actively engaging remaining nations, including Jamaica and Trinidad & Tobago, two of the region’s largest economies.

Ihejirika highlighted recent financial commitments totaling nearly US$2 billion, including a US$500 million deal in Suriname and plans to announce an additional US$200 million in regional investments over the next two months. He emphasized the growing momentum behind Afreximbank’s Caribbean strategy, stating, “This is an idea whose time has come – and no one can stop it.”