The Common Market for Eastern and Southern Africa (COMESA) has unveiled a new Digital Retail Payments Platform designed to facilitate cross-border trade using local currencies. The innovative system aims to reduce transaction costs, enhance regional integration, and minimize the reliance on foreign currencies such as the US dollar in intra-African trade.
The initiative, launched at COMESA’s Secretariat headquarters in Lusaka, Zambia, is part of the bloc’s broader agenda to promote digital transformation and financial inclusion across its 21 member states. The platform enables traders, especially small and medium-sized enterprises (SMEs), to make and receive payments seamlessly in their local currencies, thus improving the efficiency of regional commerce.
According to COMESA Secretary General, Chileshe Mpundu Kapwepwe, the new platform represents a major step toward achieving the goals of the African Continental Free Trade Area (AfCFTA) by strengthening digital infrastructure and encouraging local currency settlements. “This innovation will not only make cross-border payments faster and cheaper but also empower African businesses to grow without the barriers of currency conversion and high transaction fees,” she said.
The system was developed in partnership with regional central banks, fintech companies, and the private sector. It leverages secure blockchain and digital ledger technologies to ensure transparency, traceability, and real-time settlement across participating countries.
Experts say the platform could save businesses millions of dollars annually in conversion costs while promoting the use of African currencies in regional trade. It also supports Sustainable Development Goal 9 (SDG 9), which focuses on building resilient infrastructure, promoting inclusive industrialization, and fostering innovation.
By addressing key financial bottlenecks that hinder trade growth, COMESA’s digital payments platform is expected to boost intra-African commerce, strengthen monetary cooperation, and pave the way for a more connected and self-reliant regional economy.