SADC states launch common payments platform

Experts, including central bank executives, who met in Gaborone this week stressed that the new platform would spur economic activity in member states by boosting trade and regional financial integration.Under the system, different banks in SADC will be able to exchange financial transactions through a single settlement authority.

While payments will be made in the member states' own currencies, settlements will be denominated in the South African Rand. "It's going to tear down barriers between countries for payments," BankServeAfrica Head SADC Lionel Slowe told BusinessWeek on Tuesday."It will allow payments to flow freely and cost-effectively between SADC countries.