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Strategic Projects

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 :

  1. Central Bank of Egypt
  2. Banque Central du Congo
  3. Bank of Zambia
  4. National Bank of Rwanda
  5. Bank of Mauritius
  6. Central Bank of Kenya
  7. Reserve Bank of Malawi
  8. Central bank of Swaziland
  9. Bank of Uganda

 

REPSS Regulation for banks