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COMESA Digital Retail Payments Platform Takes Shape in Eswatini

Mbabane, Eswatini – Anticipation fills the air as the fellow COMESA institutions, COMESA Business Council (CBC) and COMESA Clearing House convene with representatives of COMESA Central Banks for the pivotal meeting of the REPSS Technical User Group. This gathering in the Kingdom of Eswatini marks a significant milestone towards the operationalization of the highly anticipated COMESA Digital Retail Payments Scheme.

The discussions are centered on critical aspects that will shape the platform’s functionality, including forex providers, settlement models, technical specifications, and governance frameworks. CBC’s CEO, Teddy Soobramanien, emphasized the paramount importance of this meeting, stating, “This user group holds the key to sculpting the trajectory of the Digital Financial Inclusion Program, which has been in development for nearly five years.”

Soobramanien underscored the transformative potential of the initiative, particularly in empowering the region’s MSMEs. “This platform has the remarkable ability to unlock immense opportunities for businesses across COMESA nations,” he noted, encouraging the User Group to harness their collective expertise to ensure the program’s success.

As the discussions progress, all eyes are set on November 2024, the anticipated commissioning date for the COMESA Digital Retail Payments Platform. This groundbreaking initiative promises to revolutionize cross-border transactions, fostering seamless financial inclusion and economic integration within the COMESA region.

Stay tuned for further updates as COMESA takes bold strides toward a digitally connected and financially inclusive future for its Member States.