We are excited to report significant progress in the development of the COMESA Digital Retail Payments Scheme following a series of highly productive Working Group sessions this past week. These sessions mark critical steps toward the platform’s anticipated launch, setting the stage for a transformative impact on cross-border financial transactions across the region.
Commercial Working Group: Building a Competitive Platform
On 24th September 2024, the Commercial Working Group convened, bringing together an array of experts from the financial services ecosystem. This meeting was essential in addressing core commercial elements that will drive the platform’s financial viability and ensure its sustainability. The group’s expertise and insights will play a pivotal role in developing:
- Robust revenue models that sustain the platform’s operations.
- Strategic partnerships to enhance the platform’s reach across COMESA.
- Customer acquisition plans that are adaptable across different markets.
Key areas like pricing structures, market positioning, and value proposition development were also discussed, laying the groundwork for a platform that will not only be competitive but will also resonate with merchants, financial institutions, and users.
Moving forward, the Commercial Working Group will refine and expand on:
- Optimizing revenue generation models
- Setting Key Performance Indicators (KPIs)
- Creating a comprehensive marketing and promotion plan
- Developing customer support channels
Technical & Standards Working Group: Ensuring Robust Technology
On 25th September 2024, the Technical & Standards Working Group met to ensure that the platform’s technology is secure, scalable, and interoperable across the region. With cross-border integration in mind, the group is focused on creating seamless technological solutions that will enable financial institutions and users to interact effortlessly across national boundaries.
Key focus areas include:
- Harmonizing financial standards with ISO 20022 to ensure interoperability.
- Cybersecurity frameworks to protect data and secure transactions.
- Interoperability assessments to guarantee cross-border integration.
These efforts are instrumental in creating a scalable, secure platform capable of serving diverse users and financial institutions across the entire COMESA region.
Legal & Regulatory Working Group: Navigating Complex Jurisdictions
On 26th September 2024, the Legal & Regulatory Working Group convened to address the platform’s compliance with a variety of national and regional regulations. Their goal is to ensure that the platform aligns with data protection laws, anti-money laundering requirements, and consumer protection regulations, safeguarding all stakeholders involved.
Over the next few sessions, the group will focus on:
- Harmonizing the legal framework for digital retail payments.
- Developing the Scheme Rulebook to guide operations.
- Establishing risk management frameworks to mitigate financial risks.
- Creating dispute resolution mechanisms to protect consumers.
The work of these three Working Groups is laying the foundation for a secure, compliant, and accessible platform that can effectively meet the needs of the unbanked and underbanked populations. By addressing the unique challenges these communities face, the COMESA Digital Retail Payments Platform aims to empower individuals – particularly women and youth MSMEs – across the region, thereby helping to close the digital financial divide.
We invite you to stay connected as we continue this journey toward revolutionizing cross-border retail payments in COMESA, creating opportunities for greater financial inclusion, and driving regional economic growth.