The Governors of the Bank of Namibia (BoN), Johannes !Gawaxab, and the Banco Nacional de Angola, Manuel Dias, have announced progress in the issuance and use of payment mechanisms between the two countries as part of efforts to smoothen trade-related transactions.
“To this end, the central banks explored various payment mechanisms to enhance trade between the two countries. These instruments included credit and visa cards and electronic fund transfers (EFT), which are crucial in the commercial world as they enable businesses and consumers to transfer funds to one another,” the two central banks said in a joint statement issued at the conclusion of a one-day visit by BoN Governor Johannes !Gawaxab to Angola.
The central banks said non-resident accounts linked to a card product which were only issued on a limited basis in Namibia are now available at most commercial banks for Angolan citizens.
“These are also available to Namibian citizens traveling to Angola. In addition, the popular ‘Multicaixa’ cards used in Angola will soon be VISA/Mastercard branded, which opens another avenue for Angolan citizens traveling to Namibia to use conveniently,” the joint statement read.
Banco Nacional de Angola provided an update on progress made in onboarding its Kwanza currency on the cross-border SADC – RTGS (The regional Real-time Gross Settlement System), which once completed, cross-border payments with Angola will be made faster without the reliance on third-party banks outside the SADC region.
“With the measures taken today by the Banco Nacional de Angola and the Bank of Namibia, our two countries are one step closer to realizing regional integration in line with the objectives set out by the African Union’s Agenda 2063. Furthermore, these steps will significantly strengthen the longstanding bilateral relationship between Angola and Namibia,” Governor of the Banco Nacional de Angola, Manuel Dias said.
The two central banks announced a raft of research activities to be undertaken this year by technical teams of the two monetary authorities on trade-related topics to inform policymakers and other stakeholders on untapped trade opportunities between the two countries and financial inclusion, among others.
“For the exchange of goods and services, we find not only economic growth but the seeds of prosperity and unity for our two peoples who share a common border and a common history. Our cooperation should not only be transactional but also transformational and as a beacon of hope illuminating the path for an interconnected future for Namibia and Angolan current and future generations,” !Gawaxab said.