Common Market for Eastern and Southern Africa to end dollar trade with new cross-border payment p…

Video Summary

The Common Market for Eastern and Southern Africa 21-nation trade bloc that counts Kenya and Egypt among its members, has introduced a new digital payments platform that could support how the continent trades. Dubbed the Digital Retail Payments Platform, this system lets traders settle cross-border deals in their national currencies, instead of the US dollar.. The platform is currently being tested between Malawi and Zambia. But the plan is to establish the platform across the COMESA region.. Trade between the COMESA member countries remains low, making up for less than 10% of the bloc’s total trade. The regional secretariat attributes this to currency conversion costs, limited financial connectivity, and the reliance on the US dollar for settlements.

Video Details

Source: YouTube

Publication Date: 2025-10-17T04:49:14Z

Original Link: Watch the video on YouTube

Full Description

The Common Market for Eastern and Southern Africa 21-nation trade bloc that counts Kenya and Egypt among its members, has introduced a new digital payments platform that could support how the continent trades. Dubbed the Digital Retail Payments Platform, this system lets traders settle cross-border deals in their national currencies, instead of the US dollar.
The platform is currently being tested between Malawi and Zambia. But the plan is to establish the platform across the COMESA region.
Trade between the COMESA member countries remains low, making up for less than 10% of the bloc’s total trade. The regional secretariat attributes this to currency conversion costs, limited financial connectivity, and the reliance on the US dollar for settlements.