COMESA bank governors advocate for full implementation of REPSS

Apr 13, 2017

The payment system will stimulate intra-regional trade in COMESA region

The governors of Central Banks from the Common Market for Eastern and Southern Africa (COMESA) are advocating for the full implementation of Regional Payment and Settlement System (REPSS). The REPSS which is currently being implemented by 9 out of the 19-member countries, is a multilateral netting system with end-of-day settlement in a single currency that provides a single gateway for central banks within the COMESA trading region. In a statement, COMESA said "COMESA Committee of Governors of Central Banks wants all member countries to fully implement the Regional Payment and Settlement System". Similarly, speaking at the 22nd meeting of the bank governors held in Burundi, the governor of Burundi's central bank, Mr Jean Ciza urged member states to utilize the payment system. With the REPSS platform, importers and exporters would be able to make and receive payments for goods and services using an efficient and cost effective platform, thereby stimulating intra-regional trade. Moreover, the governors agreed that key to addressing the development deficit in the structural transformation in the region, is taking up appropriate macro-economic policies and advancing regional integration. "Macro-economic convergence and financial system development and stability, which are within mandates of the COMESA Committee of Governors of Central Banks, will make trade and investment as easy as possible," the governors noted.