Rédaction Africa Links 24 with Tiri Masawi
Published on 2024-03-09 06:00:00
Namibians and Angolans now have the opportunity to conduct seamless transactions across borders using a variety of payment methods, including visas, credit cards, and electronic transfers. The Bank of Namibia (BoN) has taken steps to implement these payment methods to enhance the ease of doing business between the two countries.
The governors of both the BoN, Johannes !Gawaxab, and the Banco Nacional de Angola, Manuel Dias, have announced progress in the issuance and use of payment mechanisms between Namibia and Angola. These payment methods aim to streamline trade-related transactions and facilitate trade between the two nations.
According to a statement released by the BoN, payment systems encompass various platforms and services that enable businesses, individuals, and other economic agents to conduct financial transactions without the need for cash. The central banks of Namibia and Angola have explored different payment mechanisms to boost trade between the two countries, as stated by BoN spokesperson Kazembire Zemburuka.
The agreed upon payment instruments include credit and visa cards, as well as electronic fund transfers (EFT). Non-resident accounts linked to a card product that were previously limited in Namibia are now available for Angolan citizens at most commercial banks. Namibian citizens travelling to Angola can also access these accounts. Additionally, Angola’s ‘Multicaixa’ cards will soon be Viza/Mastercard branded, providing another payment option for Angolan citizens visiting Namibia.
Angola has also made progress in integrating its kwanza currency into the cross-border Southern African Development Community (SADC) real-time gross settlements. This advancement will facilitate faster cross-border payments with Angola without relying on third-party banks outside the SADC region, creating more opportunities for high-value payments between the two countries.
The recent measures were finalized during a one-day working visit of !Gawaxab to Angola, emphasizing the importance of economic growth and prosperity for both nations. The cooperation between Namibia and Angola should not only be transactional but also transformational, paving the way for a connected future for both countries.
Dias reaffirmed his bank’s commitment to collaborating with Namibian counterparts to achieve regional integration in line with the African Union’s Agenda 2063 goals. The bilateral relationship between Angola and Namibia will be significantly strengthened with these measures.
In addition to the payment system improvements, the two central banks announced research activities to be conducted by technical teams to identify untapped trade opportunities and inform policymakers and stakeholders.
These developments come after years of cooperation between the central banks of Namibia and Angola, including agreements on currency exchange and debt repayment renegotiations. The ongoing efforts aim to promote economic growth and trade relations between Namibia and Angola, fostering prosperity and unity for both nations.
Read the original article on The Namibian
