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Advancing Digital Financial Inclusion: CBC Showcases Progress at Annual COMESA Monetary Cooperation and Integration Meetings

CBC continues its pivotal role in driving digital financial inclusion for Micro, Small, and Medium Enterprises (MSMEs) across the region, marking significant strides in the landscape of financial accessibility. At the 43rd meeting of the Bureau of the COMESA Committee of Central Bank Governors, held in Victoria Falls, Zimbabwe, CBC proudly presented the progress of its Digital Financial Inclusion (DFI) Program, a testament to its commitment to fostering economic empowerment.

Milestones in the Third Phase
The meeting served as a platform to highlight the advancements made in the Program, now in its third phase. A standout development is the initiation of a Proof of Concept (POC) between Zambia and Malawi on the COMESA Digital Retail Payments Scheme. This groundbreaking initiative represents a tangible step toward revolutionizing financial transactions within the region.

Designing for Inclusivity
At the core of the DFI Program’s progress is the design of the COMESA Digital Retail Payments Scheme. The platform is strategically crafted to ensure inclusivity, catering to a diverse array of transactions. From peer-to-peer engagements to cross-border transactions, the platform’s versatility aims to accommodate various financial needs and foster seamless trade interactions.

A Robust Network of Regional Partners
CBC’s success in advancing digital financial inclusion is bolstered by a robust network of regional partners. Collaboration and synergy among stakeholders have been instrumental in propelling the Program forward, aligning with the overarching goal of creating an inclusive financial ecosystem that benefits all participants.

Anticipate Future Developments
The announcement made at the meeting serves as a preview of the ongoing efforts and future developments within the Digital Financial Inclusion Program. As the Program progresses and the Proof of Concept between Zambia and Malawi unfolds, stakeholders can anticipate more updates that reflect CBC’s commitment to driving financial accessibility and inclusion for MSMEs across the COMESA region.

CBC’s presentation of the Program’s progress at the 43rd meeting of the Bureau of the COMESA Committee of Central Bank Governors underscores a collective commitment to transforming the financial landscape. Through innovation, collaboration, and a clear focus on inclusivity, CBC continues to spearhead initiatives that promise a future of enhanced financial accessibility and empowerment for MSMEs across the region. Stay tuned for more exciting updates as CBC’s DFI Program leads the charge toward greater digital financial inclusion within COMESA.