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Elham AbolFateh

Business

CBE activates electronic link system between Egyptian bank and COMESA countries

Monday 12/February/2018 - 04:35 PM
Sada El Balad
Hassanein Tayea
The Central Bank decided to activate the electronic linking system between the Egyptian banks and the COMESA Convention African members States through Regional Payment and settlement System known as REPSS.

With the participation of more than 60 members of the Federation of Investors، Chambers of Commerce and Industries as well as the Egyptian Businessmen Association’s representatives، in coordination with the Ministry of Trade and Industry، the Central Bank held a workshop on the linking of the electronic banking system of the Egyptian banks with the regional system of clearing and settlement payments among the COMESA Convention African members States.

The Central Bank Deputy Governor for Payment Systems and Information Technology Sector، Eng. Ayman Hussein said that the new system، which was launched in May، will play a role in supporting and developing Egyptian economic relations with African countries and facilitating the transfer of funds among member countries to facilitate trade exchanges among themselves.

He added that in light of the of the Central Bank Governor، Tarek Amer’s keenness on the need to raise awareness of all state sectors the new system and its importance، the bank held a series of workshops involving all parties to introduce the system، explaining that a previous workshop was held last June for the banking sector.

The new system includes 10 countries to date: Egypt، Kenya، Sudan، Congo، Zambia، Rwanda، Mauritius، Uganda، Swaziland and Malawi.

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