Angola’s kwanza has been formally integrated into the Southern African Development Community’s Real-Time Gross Settlement System (SADC RTGS), effective Monday, the National Bank of Angola (BNA) announced at a press conference, describing the move as a decisive step for the country’s financial system and its deeper integration into regional financial markets.
BNA Governor Tiago Dias said the kwanza’s integration into the RTGS — the principal regional payments system — will enable cross-border transactions that are safer, more efficient, faster and lower in cost.
Dias underscored the particular significance of the milestone, noting that the kwanza becomes only the second currency in the SADC bloc to achieve settlement status within the system, after the South African rand.
“With this initiative, the BNA reaffirms its commitment to the modernisation of the payments system, financial stability and the promotion of solutions that support trade, investment and the economic development of our country,” he said.
The governor added that Angola’s economy is now more diversified and its trade flows with SADC member states more balanced, providing grounds for confidence about the path ahead.
“We anticipate better business opportunities that will be seized by Angolan entrepreneurs to produce and export goods and services to the economies of other member states,” Dias said.
Cristina Caniço, Director of Payment Systems at the BNA, said Mozambique’s metical and Botswana’s pula are next in line for integration into the SADC RTGS.
Caniço explained that the SADC RTGS is a regional real-time gross settlement system designed to process cross-border payments among Southern African member states through direct settlement.
She said the state, businesses and households will be able to use the system to make payments for goods and services by engaging one of five participating commercial banks to initiate transfers abroad.
“The client does not have direct access to the system. I go to my commercial bank, present an invoice for payment of a good or service, and request the transfer abroad,” Caniço said, adding that the commercial bank retains responsibility for assessing and executing each operation.
Among the key advantages, Caniço highlighted the elimination of correspondent banking intermediaries — a move that has long been a source of friction and cost in Angola’s cross-border transactions.
“Settlement is faster at the regional payments level, there is reduced dependence on correspondent banks, greater efficiency in processing operations, a potential reduction in costs associated with cross-border payments, and greater use of the kwanza in regional transactions,” she said.
Source: Notícias ao Minuto / Original article: https://www.noticiasaominuto.com/mundo/3030615/angola-elimina-intermediarios-em-pagamentos-entre-paises-da-sadc#utm_source=rss-mundo&utm_medium=rss&utm_campaign=rssfeed
