By Musa Mdluli

MBABANE:Dr Phil Mnisi,the Governor of the Central Bank of Eswatini(CBE) has called for the efficiency of the payment systems in the African continent to promote financial stability and inclusion while fostering an enabling inclusive regulatory environment among others.

The Central Bank Governor was speaking last week during the launch of the annual SIIPS 2024 report published by AfricaNenda in partnership with the World Bank, and the United Nations Economic Commission for Africa (UNECA). 

SIIPS stands for the State of Inclusive Instant Payment Systems in Africa and, the event was co-hosted by AfricaNenda, the Bank of Ghana, and the Ghana Interbank Payment and Settlement Systems (GhIPSS). 

Reached for comments by this Swaziland News this week, Mandla Luphondvo, the Central Bank of Eswatini Head of Strategy and Communications said, the Governor was invited and hosted by AfricaNenda to participate in the launch of the State of Inclusive Instant Payments in Africa.

“AfricaNenda is an independent organization created to accelerate the growth of inclusive instant payment systems (IIPS) that will benefit all Africans, including those at the bottom of the pyramid who might be currently financially excluded. This is with a focus on expanding access, reducing barriers, and improving the ease of flow of funds within an economy and across borders. AfricaNenda works with African countries to implement switches through technical support and capacity building.Eswatini’s participation came at an opportune time as the Bank implements the country’s domestic payments switch. This puts the country in a great position to intentionally focus on inclusivity as it implements the switch and ensures broader access to payment systems by the Eswatini economy. The switch will also help to remove the existing frictions, ensuring instant receiving of funds and possibly driving down costs associated with funds transfers”,he said.

The Head of Strategy and Communications said, the Governor also participated in a panel discussion that focused on policy considerations to promote payment efficiency and regional trade. 

“During the session, the Governor emphasised the importance of efficient domestic and regional payment infrastructure to promote the growth of the African continent and highlighted the need for harmonized regulatory frameworks,”said the Central Bank Head of Strategy and Communications.