Central Bank of Egypt hosts workshop to boost use of COMESA regional payment and settlement system

The Central Bank of Egypt, together with the COMESA Clearing House, held an awareness workshop on the Regional Payment and Settlement System, or REPSS, with representatives from banks operating in Egypt and central bank officials. The workshop focused on increasing use of the regional cross-border payments platform, which the central bank described as a way to make payments between COMESA member states faster and cheaper while reducing reliance on correspondent banks. The central bank said Egypt has been part of REPSS since 2017 and has worked to promote its benefits to Egyptian banks, but current usage remains below the system's potential. Discussions covered how the platform works, its benefits for banks and financial institutions, and opportunities for the Egyptian banking sector to use it to support trade and investment with COMESA countries. The workshop also examined operational, technical and regulatory challenges affecting uptake, with the aim of identifying ways to address them and improve usage efficiency. The COMESA Clearing House also presented updates on regional digital payments initiatives intended to facilitate cross-border payments for individuals and support financial inclusion and regional trade. Participants called for continued coordination among the Central Bank of Egypt, the COMESA Clearing House and commercial banks to raise awareness of REPSS and increase adoption.