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African central banks seeking to connect payments systems

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African central banks seeking to connect payments systems

South African Reserve Bank Governor Lesetja Kganyago said a working group of the Association of African Central Banks is seeking to link payments systems in east and west Africa to the technology behind the Southern African Development Community Real Time Gross Settlement System operated by the South African central bank, Bloomberg News reported.

The move will help boost the African Continental Free Trade Agreement, Kganyago said, adding that the connection of the systems will facilitate intra-regional payments and eliminate some charges related to settling such payments through U.S. and European banks.