The Bank of Zambia has revealed that it is one of about 15 central banks in the Southern African Development Community (SADC) region that are part of a regional payment system that aims to make it easy to pay for goods traded within the region.
BOZ Director for Currency and Payment System Lazarus Kamanga explains that the SADC Integrated Regional Electronic Settlement System (SIRESS) will facilitate trade in the region and countries use their individual currencies.
Mr. Kamanga says the system will erase the need for people to convert their currencies into any third-party currency (i.e. the Euro and the Dollar) when trading with other countries that are part of the system.
According to the Central Bank website, the SIRESS is a regional payment and settlement system that was developed to facilitate funds transfer for cross-border payment in the SADC regional.
The platform was implement to reduce the costs and improve efficiency of cross border payment by eliminating the need for corresponding banking for such payments.
Ultimately, it is envisaged that the system will further promote and help trade within the region.