Regional Payment and settlement System (REPSS) of the Common Market for Eastern and Southern Africa :
REPSS links all the participating central Banks with each other to execute payments on a cost and time-effective manner.
The Central Bank of each member state plays the role of direct participants to execute -whether by sending and/or receiving- financial transactions on behalf of their country's related commercial banks. Such system operates according to preset regulations stipulated by the Central Bank of Egypt.
Central banks take the role of a correspondent bank, as well as facilitating the transfer of Funds among the member states.
One of the major advantages of the system is that it entails a political dimension in addition to the economic one, where it aims to create a common payment venue for COMESA African common states. And, represents a commercial partner to Egypt based on Customs and economic intra- commercial agreements.
Advantages of REPSS:
- Minimize time of settlement period.
- Cost effective.
The Central Bank of Egypt has started joining REPSS by end of March, 2017.
REPSS Participant Central banks :
- Central Bank of Egypt
- Banque Central du Congo
- Bank of Zambia
- National Bank of Rwanda
- Bank of Mauritius
- Central Bank of Kenya
- Reserve Bank of Malawi
- Central bank of Swaziland
- Bank of Uganda
REPSS Regulation for banks