COMESA Launches Digital Retail Payments Platform to Reduce Cross-Border Transaction Costs

The Common Market for Eastern and Southern Africa (COMESA) has unveiled a Digital Retail Payments Platform (DRPP), targeting reduced transaction costs across its 21-member bloc. The system enables businesses to settle deals in local currencies, eliminating the need for costly conversions into foreign currencies. Trials will commence between Malawi and Zambia.

Kenya's Trade Minister Lee Kinyanjui emphasized the DRPP's role in supporting small and medium enterprises through instant, affordable cross-border payments. The platform, developed with unnamed digital financial services and forex providers, marks a strategic shift toward regional currency independence.

Africa's push for localized payment infrastructure gains momentum as COMESA joins continental efforts to streamline trade. The move could indirectly benefit cryptocurrency adoption by fostering digital payment familiarity, though no direct crypto integration was announced.