Afreximbank, BAFT train correspondent banking in Africa

African Export-Import Bank (Afreximbank) and the Bankers Association for Finance and Trade (BAFT) have announced the launch of a series of training workshops for African respondent banks.

Aftreximbank on Monday disclosed that the training and workshops will enhance their ability to obtain and maintain correspondent banking relationships.
African Export-Import Bank explained that the first round of workshops would be held virtually on 27, 28 and 29 July 2021.

According to the organizer, it 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 are becoming increasingly costly due to heightened regulatory expectations, particularly concerning 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, utilising 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,”
Commenting, the BAFT president and CEO, Tod Burwell said: “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 a 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.