The Central Bank of Egypt (CBE), in cooperation with the COMESA Clearing House (CCH), organized a sensitization workshop on the Regional Payment and Settlement System (REPSS), with the participation of representatives from banks operating in Egypt, officials from the CBE’s Banking Operations, Payment Systems, and African Cooperation sectors, as well as experts from the CCH.
The workshop reflects the Central Bank of Egypt’s ongoing efforts to enhance financial integration with African countries and support regional initiatives that facilitate intra-African trade and investment through secure, efficient, and modern cross-border payment systems.
REPSS as a key pillar for African financial integration
In her opening remarks, Dr. Naglaa Nozahie, Advisor to the CBE Governor for African Affairs, reaffirmed the Central Bank’s commitment to advancing financial integration across the continent. She emphasized that the Regional Payment and Settlement System (REPSS) represents the first integrated regional payment and settlement platform within the COMESA region.
She explained that REPSS enables member states to execute and settle cross-border payments with greater speed, efficiency, and lower transaction costs, while also reducing dependence on correspondent banking relationships. This makes the system a critical tool for strengthening regional trade and financial connectivity.
Egypt’s efforts to expand REPSS usage since 2017
Dr. Nozahie noted that since Egypt joined REPSS in 2017, the Central Bank of Egypt has consistently worked to raise awareness of its benefits and encourage Egyptian banks to actively utilize the system.
However, she pointed out that current usage levels remain below the system’s full potential, highlighting the need for stronger collective efforts among financial institutions to increase adoption and maximize the benefits for banks, businesses, and customers involved in cross-border trade.
COMESA Clearing House: advancing digital payment transformation
For her part, Ms. Jedidah Ndebele, Executive Secretary of the COMESA Clearing House, stressed the importance of continued collaboration to enhance the use of REPSS as a core pillar of financial and trade integration among COMESA member states.
She emphasized that improving system adoption requires a deeper understanding of the operational challenges faced by participating banks, along with coordinated efforts to address them effectively.
She also reviewed the CCH’s ongoing initiatives to modernize regional payment infrastructure and support digital transformation, including new solutions designed to streamline cross-border payments and strengthen trade and investment flows across Africa.
Operational overview and opportunities for the Egyptian banking sector
During the workshop, COMESA Clearing House representatives delivered a comprehensive presentation on the operational framework of the REPSS system, outlining its key benefits for banks and financial institutions.
They also highlighted opportunities for the Egyptian banking sector to leverage REPSS in facilitating trade finance and cross-border investment transactions with COMESA member states.
In addition, the workshop addressed operational, technical, and regulatory challenges that may affect system usage, aiming to identify practical solutions to improve efficiency and increase adoption rates.
Digital payment initiatives to support financial inclusion
The session also showcased the latest developments in COMESA’s regional digital payment initiatives, which aim to facilitate cross-border payments for individuals and businesses.
These initiatives are designed to enhance financial inclusion, reduce transaction costs, and further promote regional trade and economic integration across African markets.
Strong cooperation between CBE, COMESA, and commercial banks
Participants emphasized the importance of continued coordination between the Central Bank of Egypt, the COMESA Clearing House, and commercial banks to raise awareness of REPSS benefits and expand its usage.
Such cooperation is seen as essential to boosting intra-African trade, improving financial connectivity, and strengthening economic integration across the continent.
Conclusion: strengthening Africa’s financial infrastructure
At the conclusion of the workshop, the Central Bank of Egypt expressed its appreciation to the COMESA Clearing House and all participating stakeholders for their contributions to the success of the event.
The CBE reaffirmed its commitment to supporting initiatives that enhance financial infrastructure, promote digital transformation, and advance economic and financial integration across Africa.
