South African Reserve Bank Governor Lesetja Kganyago said on Monday that the Angolan kwanza has become the first new settlement currency added to the Southern African regional payment system since its 2013 launch, marking a milestone in the expansion of the platform beyond the South African rand.
The system facilitates real-time settlement of cross-border transactions across the Southern African Development Community (SADC), and was developed to facilitate funds transfer for cross-border payments in the region to promote trade and investment. It replaced costlier correspondent banking arrangements previously used for regional transactions.
Trade and interbank transactions between Angola and the other 14 SADC states amounted to approximately $3.77-billion across nine currencies in 2025, SARB data showed.
South Africa accounted for a significant share of these flows, at nearly $2.99-billion, representing about 60% of transaction volumes and 79% of total value.
Payment reforms were a key issue under South Africa's G20 presidency. Kganyago called for greater interoperability and regulatory alignment in sub-Saharan Africa.
