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MBABANE – The SADC-RTGS system processed E218 billion at peak, highlighting its growing role in boosting cross-border trade and regional financial integration across southern Africa.
This was revealed by Central Bank of Eswatini (CBE) Deputy Director – Operations: Payment Systems, Sabelo Gama, during a press conference held on the sidelines of the 6th SADC-RTGS User Group Conference, hosted by the Central Bank of Eswatini in Mbabane, this week.
Gama emphasised that the regional payment platform has become the backbone of cross-border trade in southern Africa, ensuring faster, more secure and more efficient settlement of high-value transactions. “The SADC-RTGS facilitates over 160 000 transactions monthly, with payments processed instantly across participating countries. It represents a critical step towards achieving seamless regional integration and economic cooperation,” Gama explained.
Formerly known as the SADC Integrated Regional Electronic Settlement System (SIRESS), the SADC-RTGS is an automated interbank settlement system operated by the South African Reserve Bank on behalf of all participating SADC central banks.
The system enables commercial banks and authorised financial institutions across the region to settle cross-border payments in real time, reducing transaction delays previously associated with international transfers.
Currently, the platform has 87 participating commercial banks from 16 member countries, including Eswatini, South Africa, Botswana, Angola, Mozambique, Zimbabwe, Lesotho, Namibia, Tanzania, Malawi, Mauritius, Seychelles, Madagascar, Comoros, Zambia and the Democratic Republic of Congo. Gama also revealed that SADC central banks are working on introducing a multi-currency payments feature on the SADC-RTGS platform.
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CBE host meeting in brand-new conference facility
EZULWINI – The Central Bank of Eswatini is proudly hosting the 6th Conference of the SADC-RTGS User Group in its brand-new conference facility.
Dr Phil Mnisi, the CBE Governor stated that the world-class facility is an integral part of the bank’s new headquarters project. The conference facility comprises three modern units, each with a seating capacity of 300 delegates, purposely built such that three major meetings can run side by side.
It also opens up to an almost 1 200-seater conference hall.
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Economic impact for Eswatini
MBABANE - Eswatini’s active participation in the SADC-RTGS is seen as key for boosting trade competitiveness.
With growing cross-border investments and regional trade agreements, the ability to process high-value payments swiftly and securely supports the country’s ambition to integrate further into regional and global value chains.
The Central Bank of Eswatini has continued to advocate for technological innovations in the payment systems space, aligning with SADC’s broader financial sector development agenda aimed at achieving economic convergence among member states.
With 87 commercial banks and 16 countries already participating, SADC-RTGS is expected to expand its coverage, improve settlement efficiency and eventually integrate with other continental and global payment systems.
The platform’s success in processing E218 billion worth of transactions in a single month underlines its growing importance in shaping the financial landscape of southern Africa.
Speaking during the official opening session of the two-day 6th conference of the SADC-RTGS User Group under the theme ‘Embracing new frontiers in SADC’, the CBE Governor Dr Phil Mnisi said the SADC-RTGS is a project of the protocol on finance and investment, which is focused on cross-border and intra-SADC transactions.
*Full article available in our publication.
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