COMESA bets on new payment system to reduce dollar reliance in Kenya, Ethiopia, Egypt
- COMESA launched a Digital Retail Payments Platform to facilitate trade in local currencies.
- The platform aims to reduce transaction costs from an average of 8% to below 3%.
- Testing of the system is currently taking place between Malawi and Zambia.
The launch of the Digital Retail Payments Platform by COMESA is a pivotal development for regional trade in Africa. By enabling transactions in local currencies, it not only reduces costs but also promotes economic independence from the US dollar. This initiative could serve as a model for other regions seeking to enhance trade efficiency and financial integration.
