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
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.
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