According to the Governor of the Central bank of Egypt, Hisham Ramez, cited by the source, apex bank has signed an agreement with COMESA Clearing House and Central Bank of Mauritius, to activate the Regional Payment System. The Regional Payment and Settlement System is a gateway through which central banks in Africa can make cross-border payments on behalf of commercial banks.
If accepted by all the countries in the region, the payment system is expected to drastically cut the cost of regional trade.
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