The National Bank of Angola (BNA) held a press conference to announce the formal integration of the kwanza into the South African Development Community's (SADC) Real-Time Gross Settlement (RTGS) System, a move considered by the governor of the Angolan central bank as crucial for both the domestic financial system and the country's financial inclusion in the southern region.
Tiago Dias, Governor of the BNA, stated that the inclusion of the kwanza in the RTGS, which functions as the main regional payment system, will enable transactions with greater security, efficiency, speed, and lower cost.
According to the governor, the adoption of the kwanza as the settlement currency in SADC constitutes a major advance for Angola, as it is the second currency, after the South African rand, to reach this milestone.
By presenting this initiative, the BNA reinforces its commitment to modernizing the payment system, maintaining financial stability, and offering solutions that boost national trade, investment, and economic growth. The governor also highlighted that the local economy is more diversified and trade exchanges with SADC members are more balanced, allowing for a tranquil outlook on the future.
He predicted that there will be better business opportunities for the Angolan business class, enabling them to produce and export goods and services to the economies of other participating countries.
Meanwhile, Cristina Caniço, Director of Payment Systems at the BNA, communicated that the next integrations of Mozambique's metical and Botswana's pula into the RTGS are planned. She clarified that the SADC RTGS is a regional real-time gross settlement mechanism designed to process cross-border payments between member states of the southern region.
The official emphasized that individuals, companies, and the State can use this system to make payments for goods and services by requesting international transfers through one of the five accredited commercial banks. Cristina Caniço detailed that the client does not interact directly with the system; they must contact their commercial bank, present the invoice for the good or service for the external transfer, with the bank being responsible for validating the operation.
Among the advantages pointed out by the director is the elimination of the need for correspondent banks. Settlement becomes more agile regionally, reducing dependence on intermediary banks, increasing the effectiveness of transaction processing, potentially decreasing international payment costs, and promoting greater use of the kwanza in regional operations.
