Afreximbank Issues $29 Million Guarantee to Boost East African Customs Bond System
Afreximbank has injected $29 million to accelerate the East African Community’s digital customs bond system. Partnering with BSMART Technology Ltd., the initiative marks a decisive step toward paperless guarantees, smoother cross‑border trade, and deeper regional integration under the AfCFTA.
Afreximbank has announced a $29 million US guarantee in favor of BSMART Technology Ltd., designed to accelerate the rollout of the East African Community (EAC) Customs Bond System. This innovative digital platform aims to streamline cross‑border trade by replacing paper‑based guarantees with electronic procedures, ensuring faster and more secure movement of goods across East Africa.
The facility strengthens the financial backbone of the system and supports its adoption across the region. It builds on Afreximbank’s collaboration with the EAC Secretariat, which began with a pilot phase in Uganda in 2025, later joined by Rwanda and Burundi, and culminated in an official launch during the 25th EAC Heads of State Summit in March 2026.
Operating under Afreximbank’s African Collaborative Transit Guarantee Scheme (AACTGS), the initiative reflects the Bank’s leadership in developing regional customs guarantee solutions and digital tools to facilitate intra‑African trade. By enabling customs brokers, guarantors, and authorities to access bonds via a digital platform, the system eliminates the need for physical documents at each border post, reducing delays and administrative burdens.
Highlighting the significance of the initiative, Kanayo Awani, Executive Vice President of Afreximbank, stated : « This mechanism demonstrates our commitment to removing barriers to intra‑African trade. By digitizing and simplifying access to customs guarantees, we are reducing costs and improving efficiency for businesses moving goods across the region ».
Stephen Teang, CEO of BSMART Technology Ltd., welcomed the support: « This facility provides a major boost to our growth ambitions and reflects strong confidence in EACBond. We thank Afreximbank for its partnership and trust ».
By reinforcing financial capacity and driving digital transformation in customs procedures, Afreximbank is consolidating its role as a catalyst for the African Continental Free Trade Area (AfCFTA) and advancing the integration of African markets.
