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South Africa adds Angolan kwanza to regional cross-border payment system

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.

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