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The payment platform will enable countries within the regions to make cross-border payments in local currencies just like other regional economies
Zimbabwe has begun making preparations to join a regional payments system being developed by the Southern African Development Community (SADC) as part of broader regional integration efforts. This was revealed by a member of the Reserve Bank of Zimbabwe (RBZ)’s Monetary Policy Committee (MPC) at the 7th SADC Industrialisation Week, an event aimed at promoting the region’s industrialization strategy, hosted by Zimbabwe recently.
Under the plan, member states intend to facilitate seamless transactions across borders. Afreximbank (African Export-Import Bank) has already developed a payment platform to take care of payments within the regions. Several regions have so far adopted this arrangement. The payment platform will enable countries within the regions to make cross-border payments in local currencies just like other regional economies.
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Afreximbank would guarantee regional transactions and noted that central banks across various countries were joining the platform. It is highlighted by Zimbabwean authorities that the country should be able to operate under the platform that has been developed by Afreximbank to meet the realities of inter-African regional trade.
