https://en.sputniknews.africa/20261030/beyond-traditional-banking-russia-offers-alternative-settlement-solutions-for-africa-1090469262.html
Beyond Traditional Banking: Russia Offers Alternative Settlement Solutions for Africa
Beyond Traditional Banking: Russia Offers Alternative Settlement Solutions for Africa
Sputnik Africa
The Russian Export Center (REC) plans to adapt its digital cross-border settlement platforms to meet the specific needs of African nations, aiming to bypass... 30.10.2026, Sputnik Africa
2026-10-30T10:47+0100
2026-10-30T10:47+0100
2026-10-30T10:47+0100
russia
africa
tanzania
afreximbank
https://cdn1.img.sputniknews.africa/img/07ea/0a/1e/1090469928_0:160:3072:1888_1920x0_80_0_0_716e705f3d8b3ff905ab69f659895efc.jpg
The Russian Export Center (REC) plans to adapt its digital cross-border settlement platforms to meet the specific needs of African nations, aiming to bypass traditional banking hurdles and boost bilateral trade, Russian officials said at the third Russia-Africa Forum in Moscow.Tailoring Digital SolutionsSpeaking at the forum, Angelina Akimenko, Managing Director for Advanced Financial Technologies at REC’s Roseximbank, highlighted the shift toward platform economies. She noted that modern digital platforms are no longer mere showcases, but comprehensive infrastructures that ensure trust, transparency, and predictability for international traders.Akimenko highlighted two key Russian solutions: the "My Export" (Gosuslugi VED) platform, which consolidates business and state services, and "Planeta," a marketplace for alternative cross-border settlements developed with regulators.However, she pointed out that Moscow does not intend to simply copy-paste its platforms. New Partnerships in the SahelIn a major step for regional cooperation, the REC signed a memorandum of understanding with the Confederation Bank for Investment and Development of the Sahel States (BCID-AES) during the forum. This marks the bank's first international agreement, aimed at expanding trade, economic, and investment ties with the Sahel confederation.Tanzania as a Regional HubHighlighting specific bilateral successes, Alexey Kretov, Director of the REC Project Financing Office, pointed to Tanzania as a potential "core country" for Southern and Eastern Africa. He noted that Russian-Tanzanian trade is growing steadily, with the REC supporting nearly 70 Russian companies in exporting over $20 million worth of goods to Tanzania in 2026.Kretov stressed the need to shift focus toward long-term infrastructure and natural resource investments, backed by the insurance products of EXIAR (the Russian Agency for Export Credit and Investment Insurance), which mitigate risks for foreign buyers and investors.Infrastructure and Insurance GrowthNikita Gusakov, Senior Vice President of the REC and General Director of EXIAR, emphasized that infrastructure development and business networking are crucial for realizing Russia-Africa potential. He pointed to recent business missions and exhibitions across the continent, such as GITEX in Morocco and African Energy Week, as key drivers for mutual awareness.Gusakov also highlighted the steady growth of EXIAR’s African portfolio. While short-term insurance for regular supplies like grain and fertilizers currently dominates, the agency is actively developing long-term localization projects in partnership with African institutions, including Afreximbank. Furthermore, the REC Group is expanding its alternative cross-border settlement marketplace to African exporters and importers.
russia
africa
tanzania
Sputnik Africa
feedback@sputniknews.com
+74956456601
MIA „Rossiya Segodnya“
2026
Sputnik Africa
feedback@sputniknews.com
+74956456601
MIA „Rossiya Segodnya“
News
en_EN
Sputnik Africa
feedback@sputniknews.com
+74956456601
MIA „Rossiya Segodnya“
Sputnik Africa
feedback@sputniknews.com
+74956456601
MIA „Rossiya Segodnya“
russia, africa, tanzania, afreximbank
russia, africa, tanzania, afreximbank
The Russian Export Center (REC) plans to adapt its digital cross-border settlement platforms to meet the specific needs of African nations, aiming to bypass traditional banking hurdles and boost bilateral trade, Russian officials said at the third Russia-Africa Forum in Moscow.
Tailoring Digital Solutions
Speaking at the forum, Angelina Akimenko, Managing Director for Advanced Financial Technologies at REC’s Roseximbank, highlighted the shift toward platform economies. She noted that modern digital platforms are no longer mere showcases, but comprehensive infrastructures that ensure trust, transparency, and predictability for international traders.
Akimenko highlighted two key Russian solutions: the "My Export" (Gosuslugi VED) platform, which consolidates business and state services, and "Planeta," a marketplace for alternative cross-border settlements developed with regulators.
"Both Russia and the African continent face difficulties in the traditional banking system. Alternative settlement methods are particularly relevant for African countries," she emphasized.
However, she pointed out that Moscow does not intend to simply copy-paste its platforms.
"We need to understand the tasks of African countries and jointly adapt Russian technological platforms [...] so that they work as efficiently as possible in accordance with market constraints and local regulations."
New Partnerships in the Sahel
In a major step for regional cooperation, the REC signed a memorandum of understanding with the Confederation Bank for Investment and Development of the Sahel States (BCID-AES) during the forum. This marks the bank's first international agreement, aimed at expanding trade, economic, and investment ties with the Sahel confederation.
Tanzania as a Regional Hub
Highlighting specific bilateral successes, Alexey Kretov, Director of the REC Project Financing Office, pointed to Tanzania as a potential "core country" for Southern and Eastern Africa. He noted that Russian-Tanzanian trade is growing steadily, with the REC supporting nearly 70 Russian companies in exporting over $20 million worth of goods to Tanzania in 2026.
Kretov stressed the need to shift focus toward long-term infrastructure and natural resource investments, backed by the insurance products of EXIAR (the Russian Agency for Export Credit and Investment Insurance), which mitigate risks for foreign buyers and investors.
Infrastructure and Insurance Growth
Nikita Gusakov, Senior Vice President of the REC and General Director of EXIAR, emphasized that infrastructure development and business networking are crucial for realizing Russia-Africa potential. He pointed to recent business missions and exhibitions across the continent, such as GITEX in Morocco and African Energy Week, as key drivers for mutual awareness.
Gusakov also highlighted the steady growth of EXIAR’s African portfolio. While short-term insurance for regular supplies like grain and fertilizers currently dominates, the agency is actively developing long-term localization projects in partnership with African institutions, including Afreximbank. Furthermore, the REC Group is expanding its alternative cross-border settlement marketplace to African exporters and importers.
