Mrs. Kanayo Awani, Executive Vice President, Intra-African Trade and Export Development, Afreximbank (right), and Mr Stephen Teang, Managing Director, BSMART Technology Ltd (left), at the Afreximbank Annual Meetings (AAM2024) in Nassau, The Bahamas. Afreximbank has issued a US$29 million guarantee to BSMART Technology Ltd to support the scaling of the EAC Customs Bond and facilitate the movement of goods across East Africa.
PRESS RELEASE
African Export-Import Bank (Afreximbank) has issued a US$ 29 million guarantee to BSMART Technology Ltd to support the implementation and scaling of the EAC Customs Bond, the technology-enabled regional customs guarantee solution that facilitates the movement of goods across East African countries.
Aimed at strengthening the financial capacity underpinning the EAC Customs Bond and supporting the transition to a more seamless digital and integrated customs environment, the facility will enable BSMART Technology Ltd to strengthen the implementation and market uptake of the EAC Customs Bond
The financial support builds on Afreximbank’s close collaboration with the EAC Secretariat, which began with the pilot phase of the EAC Customs Bond in August 2025 and the subsequent launch of the Bond during the Heads of State Summit in March 2026. Through the Afreximbank African Collaborative Transit Guarantee Scheme (AACTGS), the Bank has been in the lead in supporting the development of regional customs guarantee and digital solutions that facilitate intra-African trade.
Afreximbank considers the EAC Customs Bond a significant step towards simplifying and digitising customs processes across the East Africa region as it enables clearing and forwarding agents and other eligible users, like guarantors and customs authorities, to access customs bonds through a digital platform, reducing reliance on physical documentation and improving cross-border movement of goods. The solution is designed to eliminate the need for physical bond documentation to be posted at each border for the entry and exit of goods, supporting a seamless transit environment.
By strengthening the financial capacity supporting the digital customs ecosystem, the new facility is expected to lead to the expansion and adoption of the EAC Customs Bond across the region, improve access to capacity, reduce administrative and documentation requirements and facilitate faster movement of goods across the borders. It is also expected to support greater digitisation of customs processes, thereby contributing to the broader objective of increasing intra-Africa trade.
Highlighting the significance of the facility, Mrs. Kanayo Awani, Executive Vice President, Intra-African Trade and Export Development, Afreximbank, said:
“This facility demonstrates Afreximbank’s commitment to developing practical solutions that break down the barriers to intra-African trade. With the EAC Customs Bond, we are supporting the digitisation and simplification of access to customs guarantees for businesses moving goods across the region – cutting costs and improving the efficiency of customs procedures.
“The Bond complements Afreximbank’s broader AACTGS programme to strengthen capacity across Africa. It deepens our relationship with the EAC Secretariat and other stakeholders, including the regional economic commissions. Above all, this intervention aligns with the Bank’s mandate to support the implementation of the AfCFTA and accelerate the integration of African markets.”
Mr Stephen Teang, Managing Director, BSMART Technology Ltd said: “This facility provides important support for BSMART’s growth ambitions and reflects strong confidence in EACBond. We thank Afreximbank for their partnership and support.”
The EAC Secretariat began piloting the EAC Customs Bond in Uganda in 2025. It then followed with the onboarding and participation of Rwanda and Burundi in January 2026 and an official launch at the 25th Summit of Heads of State in March 2026. Under the Bond digital platform, an agent moving goods across multiple countries can do so digitally rather than go through the traditional physical submission of documents at each border post, reducing administrative processes and avoiding delays.
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