In an effort to facilitate access to advance payment in local and foreign currencies, for the benefit of Nigerian business suppliers, Afreximbank launched “Payables Finance”. The bank has chosen Nigeria as the first African country in which it will deploy its “Payables Finance” service in partnership with a local financial institution

The launch of the new solution from the pan-African institution dedicated to intra and extra-African trade finance aims to reduce the trade finance gap, especially for SMEs. It is a trade finance product that will allow suppliers of Nigerian businesses to obtain an advance payment either in local currency (nairas) from Sterling Bank, or in dollars or euros, directly from Afreximbank. According to Gwen Mwaba, Afreximbank's global trade finance manager, “the launch in Nigeria is a first step in Afreximbank's plans to introduce Payables Finance in Africa. The product will deploy world-class technology and a collaborative delivery model, and contribute to the reduction of the trade finance gap in Africa, especially for the SME segment.”