SADC says including Angolan kwanza a step towards multi-currency, cross-border payments

The Southern African Development Community (SADC) said including the Angolan kwanza in its real-time gross settlement (RTGS) system is a step towards making more currencies viable for cross-border payments. The SADC announced on Monday that it's moving beyond a rand-only regional payment system. It’s tipped that Botswana and Mozambique are next in line to join the payment system. The introduction of the Angolan Kwanza into the SADC real-time gross settlement system is also expected to encourage greater use of local currencies in trade between SADC member states, reducing dependence on a single regional currency. The South African Reserve Bank (SARB) said the transition to a multi-currency payment system will continue, with additional regional currencies, including the Botswana pula, expected to be introduced in future. The long-term goal is to strengthen financial integration across the region and make cross-border trade simpler, faster and more cost-effective. Since the system was launched in 2013, transactions between the 15 participating countries have been settled exclusively in South African rand.