The Angolan kwanza has been added to the Southern African Development Community’s Real Time Gross Settlement system, marking the first expansion of settlement currencies within the regional platform since its establishment in 2013.
The development was announced by South African Reserve Bank Governor Lesetja Kganyago during a briefing in Pretoria alongside Banco Nacional de Angola Governor Manuel Tiago Dias. The inclusion of the kwanza expands the payment infrastructure beyond its historical reliance on the South African rand and represents a further step towards strengthening financial connectivity among SADC member states.
The SADC Real Time Gross Settlement system, operated by the South African Reserve Bank on behalf of participating central banks, enables financial institutions across the region to process cross border payments in real time. The platform was introduced to reduce reliance on more expensive correspondent banking channels and improve efficiency for regional trade and investment flows.
According to data from the South African Reserve Bank, trade and interbank transactions between Angola and other SADC member states reached approximately US$3.77 billion across nine currencies in 2025. South Africa represented a significant proportion of these transactions, accounting for nearly US$2.99 billion, equivalent to around 60% of transaction volumes and 79% of the total value.
The addition of the kwanza provides financial institutions and businesses involved in Angola’s regional trade activities with another mechanism for settling transactions directly through the SADC payments framework. It also reflects broader efforts by African financial institutions to develop systems that respond to the continent’s specific economic requirements, including reducing transaction costs and improving access to regional markets.
Governor Kganyago described the inclusion of the kwanza as an example of regional cooperation in practice, noting that greater interoperability between African financial systems remains important for expanding economic activity.
The move comes as African countries continue to pursue reforms aimed at improving cross border payments. Initiatives such as the Pan African Payment and Settlement System and the digital trade provisions under the African Continental Free Trade Area are designed to support more seamless financial transactions across national borders.
For Southern Africa, improving payment infrastructure has become increasingly important as governments and businesses seek to deepen intra African trade. The region’s economies remain interconnected through supply chains, migration patterns, investment flows and commercial relationships, creating demand for financial systems that can accommodate diverse currencies and regulatory environments.
The expansion of the SADC payment system also comes amid wider discussions on the cost of moving money across Africa. Remittance costs in sub Saharan Africa remain among the highest globally, with average person to person transfer fees exceeding the international target of reducing costs to around 1% by 2027.
Financial integration remains a gradual process requiring coordination between central banks, commercial institutions, regulators and private sector participants. While the inclusion of additional currencies represents progress, challenges including regulatory alignment, technological capacity and market liquidity continue to influence the pace at which regional payment systems develop.
The addition of the Angolan kwanza signals continued efforts within Southern Africa to build financial infrastructure that reflects the region’s economic realities while supporting greater participation in continental trade networks.
