By Ukumbi Afrika Monday, July 27, 2026
Pretoria- South Africa has expanded its regional cross-border payment infrastructure by adding the Angolan kwanza as a settlement currency, marking the first new currency to join the Southern African Development Community (SADC) real-time payment system since its launch in 2013.
South African Reserve Bank (SARB) Governor Lesetja Kganyago announced the milestone on Monday, describing it as a significant step toward strengthening regional financial integration and improving cross-border trade across Southern Africa.
The SADC Real-Time Gross Settlement (SADC-RTGS) system enables real-time settlement of cross-border transactions among member states, replacing more expensive correspondent banking arrangements and making regional payments faster and more efficient.
According to SARB data, trade and interbank transactions between Angola and the other 14 SADC member states totaled approximately $3.77 billion across nine currencies in 2025.
South Africa accounted for nearly $2.99 billion of those transactions, representing around 60% of transaction volumes and 79% of the total value, highlighting its dominant role in regional financial flows.
Speaking alongside Banco Nacional de Angola Governor Manuel Tiago Dias in Pretoria, Kganyago said the introduction of the kwanza demonstrates how African countries are building financial systems that support the continent's economic priorities.
"It strengthens regional financial connectivity and it shows that Africa can build sophisticated financial market infrastructure that responds to African priorities," Kganyago said.
The payment platform, operated by the SARB on behalf of the region's central banks, has expanded significantly since its launch and now serves 15 SADC member states and 89 participating banks.
The move also aligns with South Africa's priorities during its G20 presidency, where improving cross-border payment systems, regulatory cooperation, and financial interoperability have been key agenda items.
The SADC-RTGS complements broader continental initiatives aimed at lowering payment costs and boosting intra-African trade, including the Pan-African Payment and Settlement System (PAPSS) and the African Continental Free Trade Area (AfCFTA) Protocol on Digital Trade.
Despite ongoing reforms, cross-border remittances remain expensive across sub-Saharan Africa, with average person-to-person transfer costs exceeding 4%, well above the G20's target of reducing the average cost to 1% by 2027.
The inclusion of the Angolan kwanza is expected to make cross-border transactions between Angola and other SADC countries faster, cheaper, and more efficient. The move supports regional trade, reduces dependence on costly correspondent banking networks, and advances Africa's broader goal of creating an integrated continental payments ecosystem.
Source: Reuters
Reporting: Kopano Gumbi & Colleen Goko
Editing: Chizu Nomiyama