BY BANELE MAGONGO
MBABANE– Eswatini stands to benefit from a regional payment system from the Common Market for Eastern and Southern Africa (COMESA), which promises to transform cross-border transactions within the region.
The COMESA Regional Payment and Settlement System (REPSS) is set to usher in a new era of financial efficiency and interconnectedness between the countries that will use it. This week, the Central Bank of Eswatini (CBE), in collaboration with COMESA REPPS Clearing House, held a meeting on this proposed technology, at Hilton Garden Inn, Mbabane.
During the 7th REPPS meeting, it was revealed that the COMESA Business Council (CBC) had proposed an innovative retail payment system, designed to catalyse instant cross-border transactions within the region.
The central objective of the meeting was to finalize the evaluation of this potentially transformative proposal, which, if implemented, could revolutionize the financial landscape of the COMESA region, which includes Eswatini.
CBE Director of Operations Lungile Dlamini extended a warm welcome to esteemed representatives from eight COMESA Central Banks, including Burundi, DRC, Egypt, Kenya, Mauritius, Zambia, Zimbabwe, and Eswatini, acknowledging the pivotal role each country plays in shaping the future of the region’s payment system.
Elaborating on the central objectives of the proposed payment system, the meeting reiterated that this far-reaching initiative would provide a unified platform to facilitate seamless cross-border transactions between Central Banks within the COMESA region.
This singular gateway, if implemented, would enable more efficient processing and settlement of trades, marking a significant milestone in the harmonisation of payment systems across the COMESA economic community.
