The Central Bank of Egypt (CBE), in cooperation with the COMESA Clearing House (CCH), hosted a sensitisation workshop on the Regional Payment and Settlement System (REPSS). The workshop was held with the participation of representatives from banks operating in Egypt, CBE officials from the Banking Operations, Payment Systems and African Cooperation sectors, as well as experts from the CCH. The event comes as part of the CBE’s ongoing efforts to enhance financial and economic integration with African countries. It aims to support regional initiatives that facilitate intra-African trade and investment by developing and expanding the use of secure and efficient regional payment systems. In her opening remarks, Naglaa Nozahie, Governor’s Adviser for African Affairs at the CBE, reaffirmed the bank’s commitment to supporting initiatives that advance financial integration across Africa. She also highlighted the strategic importance of REPSS as the first integrated regional payment and settlement system in the COMESA region, enabling member states to execute and settle cross-border payments more efficiently, quickly and at lower cost, while reducing reliance on correspondent banks. She added that since joining the system in 2017, the CBE has continuously worked to raise awareness of its advantages and encourage banks operating in Egypt to utilise it. However, current usage levels remain below the system’s full potential, underscoring the need to intensify collective efforts to expand its adoption and maximise the value it delivers to financial institutions and their customers. For her part, Jedidah Ndebele, Chief Executive Officer of the CCH, reiterated the importance of sustained joint efforts to promote the use of REPSS as a key pillar of financial and trade integration among COMESA countries. She noted that fully capitalising on the system’s benefits requires a deeper understanding of the challenges facing participating banks and collective action to address them. She also reviewed the CCH’s efforts to advance the regional payments system and keep pace with digital transformation through the development of new initiatives aimed at streamlining cross-border payments and boosting trade and investment among member states. The workshop featured a comprehensive review by CCH representatives of the operational mechanisms of REPSS, highlighting the benefits it offers banks and financial institutions, as well as the opportunities available to the Egyptian banking sector to leverage the system in supporting trade and investment transactions with COMESA member states. It also examined the operational, technical and regulatory challenges that may affect the system’s usage, with the aim of identifying practical solutions to address them and enhance its efficiency. During the workshop, participants were also briefed on the latest developments in regional digital payment initiatives currently under development, which aim to facilitate cross-border payments for individuals, thereby promoting financial inclusion and advancing regional trade. In this context, participants emphasised the importance of continued collaboration and coordination among the CBE, the CCH and commercial banks to raise awareness of REPSS’s advantages and promote its wider adoption, thereby boosting intra-regional trade and economic integration. At the conclusion of the workshop, the CBE commended the efforts of the COMESA Clearing House and all participating stakeholders in ensuring the success of the event, reaffirming its continued commitment to supporting initiatives aimed at developing financial infrastructure and fostering economic and financial integration across Africa. The post CBE, COMESA Clearing House hold workshop to promote REPSS first appeared on Dailynewsegypt.
