Kwanza joins SADC payments system

Angola's national currency, the kwanza, has become the second currency to be accepted for settlement in the Southern African Development Community's regional payments system, in a move officials say will cut transaction costs and deepen financial integration across the bloc.Lesetja Kganyago, governor of the South African Reserve Bank and chairperson of the SADC Committee of Central Bank Governors, and Manuel Tiago Dias, governor of the Banco Nacional de Angola, announced the change on 27 July, formally introducing the kwanza into the SADC real-time gross settlement (SADC-RTGS) system.The system has settled transactions exclusively in South African rand since it launched in 2013. It now has 15 participating countries.Officials said enabling direct settlement in kwanza would reduce the need for foreign exchange conversions, lowering costs for businesses and customers trading in the currency. The Botswana pula is expected to be onboarded next.The move is part of a broader strategy to increase the use of local and regional currencies in cross-border trade and reduce reliance on currencies from outside the bloc. It also aligns with the G20's goals of making cross-border payments cheaper, faster and more efficient.The SADC-RTGS system marked 13 years of operation on 13 July and processes R250.7 billion in transactions each month. It is run by the South African Reserve Bank on behalf of the SADC Committee of Central Bank Governors.Trade and interbank transactions between Angola and the rest of the bloc totalled around $3.77 billion across nine currencies in 2025. South Africa accounted for roughly $2.99 billion of that, or about 60% of transaction volumes and 79% of total value.

Kwanza joins SADC payments system

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Republikein 2026-07-31

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Kwanza joins SADC payments system

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Republikein 2026-07-31

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