News / National
Zimbabwe prepares for Sadc payments platform
03 Aug 2024 at 16:38hrs | Views
Zimbabwe is preparing to join a regional payments system developed by the Southern African Development Community (Sadc) to facilitate cross-border transactions. This move comes as part of Sadc's broader regional integration efforts. The payment platform, developed by Afreximbank (African Export-Import Bank), aims to enable transactions in local currencies within the region.
Persistence Gwanyanya from the Reserve Bank of Zimbabwe (RBZ) highlighted that Zimbabwe is working to align its local currency, the ZiG (Zimbabwe Gold), with this regional system.
The Pan-African Payment and Settlement System (PAPSS) and a similar platform under the Common Market for Eastern and Southern Africa (Comesa) are key components of this integration.
Comesa's platform, which will be interoperable with Sadc's and PAPSS, is expected to launch by early next year. Industry and Commerce Minister Nqobizitha Ndhlovu emphasized that adopting a mono-currency could benefit Zimbabwe’s industrial sector by making imports more affordable, which is crucial for industrial growth.
The Pan-African Payment and Settlement System (PAPSS) and a similar platform under the Common Market for Eastern and Southern Africa (Comesa) are key components of this integration.
Comesa's platform, which will be interoperable with Sadc's and PAPSS, is expected to launch by early next year. Industry and Commerce Minister Nqobizitha Ndhlovu emphasized that adopting a mono-currency could benefit Zimbabwe’s industrial sector by making imports more affordable, which is crucial for industrial growth.
Source - the independent
