BoZ tips SADC on Real Time Gross Settlement

THE Bank of Zambia (BoZ) has implored businesses and individuals in the Southern African Development Community (SADC) to embrace transacting using the regional body’s Real Time Gross Settlement (RTGS) system in a quest to save currency conversion costs.
SADC-RTGS is an automated interbank settlement system, which settles payment obligations between participating banks.
The system has been in operation in Zambia since September 2014.
BoZ acting assistant director – communication Besnart Mwanza said the system was developed to facilitate funds transfer for cross-border payments in the SADC region to contribute to the promotion of trade and investment.
“Currently payments are done in South African rand only. There are considerations to include additional regional currencies in the system in the near future. All businesses and individuals can use this system to send and receive payments to and CLICK TO READ MORE

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