COMESA Unveils Digital Payments Platform to Boost Intra-African Trade
The Common Market for Eastern and Southern Africa (COMESA), a 21-nation trade bloc including Kenya and Egypt, is launching a groundbreaking digital payments platform designed to revolutionize how the continent conducts trade. This initiative, dubbed the Digital Retail Payments Platform, allows traders to settle cross-border transactions in their local currencies, bypassing the need for the US dollar and potentially streamlining financial flows within the region.
Platform Details and Implementation
While the introduction of this platform is a positive step, COMESA has been relatively tight-lipped about the specifics. The organization has yet to reveal its implementation partners, only mentioning that the project involves two digital financial service providers and a foreign-exchange firm. This secrecy has left regional traders and tech analysts speculating about the entities responsible for establishing the operational framework of this new infrastructure. The platform is currently undergoing pilot testing between Malawi and Zambia, with the goal of expanding its reach across the entire COMESA region, offering enhanced financial integration for its members.
This digital payments initiative reflects a broader trend of African nations seeking greater financial autonomy and promoting intra-African trade. The move by COMESA to enable cross-border transactions in local currencies marks a significant step towards achieving this goal.
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