African central banks working together ahead of AfCFTA roll-out

Lesetja Kganyago
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Reserve Bank governor Lesetja Kganyago says central banks on the continent are working together to harmonise their payment systems ahead of the roll-out of the Continental Free Trade Agreement in 2020. He was speaking as part of a panel at the World Economic Forum on Africa in Cape Town.

Trading under the agreement will begin on July 1 2020.

Kganyago says three regional payment systems on the continent are exploring ways to connect their payment platforms.

“While we are still dreaming of the continent wide payment system, let’s do with what we have. The conversation with us central bankers is that we can get these three platforms to connect. We will be commencing with the pilot towards the end of the year. It’s a race to the top, which two will connect first rather than wait and get all three connected at the same time.”