South Africa`s creed: cross-border payments

The region launched the Integrated Regional Electronic Settlement System (RESS) in 2013.  Kganyago said that about 43% of payments made within the South African Development Community are made over this system, also known as SIRESS. Kganyago claimed that, t the end of April, 2015, SIRESS had processed EUR 75 million (ZAR 1 trillion) worth transactions.

Another African region, which have successfully implemented their own cross-border payments system, is the East Africa Payment Systems, or EAPS. The system, the South African official said, enhances both efficiency and safety of payments in East Africa that are essential for boosting intra-regional trade.

Africa’s efforts towards approaching real-time cross-border payments has already attracted payment service providers to the continent. In April, 2015, for example, Vodafone M-Pesa and MTN Mobile Money partnered to connect their mobile money services across several African nations. Separately, Western Union has worked to launch cross-border payment services, too.

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