The SADC Payment System project currently have the following projects:
The Committee of Central Bank Governors (CCBG) of the Southern African Development Community (SADC), at its meeting held in Pretoria in May 2009, granted approval for the initiation of the SADC Payment System Integration project. The SADC Payment System Project team (the project team), as the CCBG sub-group responsible for payment systems, had requested that it be allowed to initiate a process to develop a conceptual framework for an integrated regional payment environment. The project team would engage other CCBG sub-groups and in their interaction ensure that interfaces between the different functional areas are examined, and that broader requirements for regional integration are considered when developing the payment system conceptual design. Various CCBG sub-groups address different areas of their CCBG responsibility, for example, Legal, Financial Markets, Banking Supervision and Technology Infrastructure. Read more . . .
Remittance flows from South Africa to other Southern African Development Community (SADC) member countries are predominantly informal. Affordable formal options are not readily available to undocumented migrants and low-income clients wishing to send money across the border. These clients continue to place their trust in informal money transfer mechanisms, either transferring money in person or using the extensive taxi and bus network. The World Bank has placed an emphasis on reducing the cost of worker remittances globally. Read more . . .