{"id":62462,"date":"2024-06-08T20:53:30","date_gmt":"2024-06-08T20:53:30","guid":{"rendered":"https:\/\/www.africa-press.net\/mozambique\/all-news\/central-bank-calls-for-stronger-payment-system-to-boost-trade"},"modified":"2024-06-08T20:53:30","modified_gmt":"2024-06-08T20:53:30","slug":"central-bank-calls-for-stronger-payment-system-to-boost-trade","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mozambique\/all-news\/central-bank-calls-for-stronger-payment-system-to-boost-trade","title":{"rendered":"Central bank calls for stronger payment system to boost trade"},"content":{"rendered":"

Africa-Press – Mozambique. <\/strong><\/span>The governor of the Bank of Mozambique, Roge\u0301rio Zandamela, said on Monday that African countries need to strengthen the payment system \u2018to boost trade\u2019 within the continent.<\/p>\n

\u2018In the last ten years, intra-African trade has grown by 4%, representing only 14% of total African exports, compared to the untapped potential of 43% of intra-African exports, around $22 billion [ \u20ac20.2 billion],\u2019 the governor said at the opening of the meeting of African central banks in Maputo.<\/p>\n

In the same speech, he maintained that \u2018it is of the utmost importance\u2019 that the central banks continue to \u2018work on regional payment systems to meet the challenges of intra-African trade and financial inclusion\u2019.<\/p>\n

\u2018To boost intra-African trade and continue to improve financial inclusion in Africa, we need an efficient and secure payment system,\u2019 he said.<\/p>\n

Maputo is hosting the Continental Seminar of the Association of African Central Banks (AACB), with the theme \u2018Enhancing Payment Systems to Promote Financial Inclusion in Africa and Intra-African Trade: Challenges and Opportunities\u201d\u2019, bringing together 66 representatives from 23 African central banks and international institutions.<\/p>\n

\u2018Despite the remarkable progress made in recent years, the African continent is still far from achieving the desirable levels of financial inclusion, since around half of our population is still excluded, which is almost twice the world average,\u2019 recognised Zandamela.<\/p>\n

\u2018On the other hand, progress in intra-African trade has been particularly slow,\u2019 he also pointed out.<\/p>\n

In this regard, the governor of the Mozambican central bank highlighted \u2018the progress made within the framework of three regional payment and settlement platforms in the region\u2019, such as the Southern African Development Community Real Time Gross Settlement System (SADC-RTGS), the East African Community Payment and Settlement System, and the Common Market for Eastern and Southern Africa (COMESA) Regional Payment and Settlement System.<\/p>\n

\u2018In addition to creating various payment platforms, Africa needs integration and interoperability between the various systems so that they fulfil our purposes. To this end, we must continue to work towards the harmonisation of regulatory and supervisory frameworks and continue to monitor and mitigate the different risks, namely cybersecurity, money laundering and terrorist financing,\u2019 he stressed.<\/p>\n

He added that he expected the Pan-African Payment and Settlement System launched in Accra in 2022 under the African Continental Free Trade Area Agreement to \u2018promote intra-African trade and financial inclusion\u2019.<\/p>\n

\u2018The Pan-African Payment and Settlement System will enable payments in local currency between African countries, thus reducing dependence on foreign currency liquidity and transaction costs, in order to promote an increase in the volume of goods and services traded between African economies,\u2019 he concluded.<\/p>\n

For More News And Analysis About Mozambique<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Mozambique. The governor of the Bank of Mozambique, Roge\u0301rio Zandamela, said on Monday that African countries need to strengthen the payment system \u2018to boost trade\u2019 within the continent. \u2018In the last ten years, intra-African trade has grown by 4%, representing only 14% of total African exports, compared to the untapped potential of 43% […]<\/p>\n","protected":false},"author":84,"featured_media":62460,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[233,281,283],"class_list":["post-62462","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-mozambique","tag-mozambique"],"yoast_head":"\nCentral bank calls for stronger payment system to boost trade - Mozambique<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/central-bank-calls-for-stronger-payment-system-to-boost-trade\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Central bank calls for stronger payment system to boost trade\" \/>\n<meta property=\"og:description\" content=\"Africa-Press – Mozambique. The governor of the Bank of Mozambique, Roge\u0301rio Zandamela, said on Monday that African countries need to strengthen the payment system \u2018to boost trade\u2019 within the continent. \u2018In the last ten years, intra-African trade has grown by 4%, representing only 14% of total African exports, compared to the untapped potential of 43% […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/central-bank-calls-for-stronger-payment-system-to-boost-trade\" \/>\n<meta property=\"og:site_name\" content=\"Mozambique\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-08T20:53:30+00:00\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/central-bank-calls-for-stronger-payment-system-to-boost-trade#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/central-bank-calls-for-stronger-payment-system-to-boost-trade\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Central bank calls for stronger payment system to boost trade\",\"datePublished\":\"2024-06-08T20:53:30+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/central-bank-calls-for-stronger-payment-system-to-boost-trade\"},\"wordCount\":440,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/central-bank-calls-for-stronger-payment-system-to-boost-trade#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2024\/06\/sm_1717865870.609773.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Mozambique\",\"Mozambique\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/mozambique\/all-news\/central-bank-calls-for-stronger-payment-system-to-boost-trade#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/central-bank-calls-for-stronger-payment-system-to-boost-trade\",\"url\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/central-bank-calls-for-stronger-payment-system-to-boost-trade\",\"name\":\"Central bank calls for stronger payment system to boost trade - 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