WINDHOEK, March 7 — Namibia and Angola are improving trade relations by enhancing payment mechanisms, facilitating electronic fund transfers, and integrating currencies into regional settlement systems. In a statement released Wednesday, the Bank of Namibia (BoN), the central bank, said the initiative aims to streamline trade-related transactions and facilitate the smoother movement of goods and services. “In the exchange of goods and services, we find not only economic growth but also the seeds of prosperity and unity for our two peoples who share a common border and a common history,” said BoN Governor Johannes Gawaxab. “Our cooperation should not only be transactional but also transformational, serving as a beacon of hope illuminating the path for an interconnected future for Namibia and Angola’s current and future generations,” he said, emphasizing the importance of economic cooperation between the two countries. To enhance trade between the two countries, the central banks of the two countries explored various payment mechanisms, including credit and Visa cards and electronic fund transfers (EFT), which are critical to facilitating the transfer of funds between businesses and consumers. According to the BoN, Angola has made steady progress in integrating its currency, the Kwanza, into the cross-border Southern African Development Community (SADC)-Real Time Gross Settlement System (RTGS), which will result in faster cross-border payments with Angola without relying on third-party banks outside the SADC region. Furthermore, the two central banks announced a series of research activities to be conducted this year by technical teams of the two monetary authorities on trade-related issues to inform policymakers and other stakeholders on untapped trade opportunities between the two countries and financial inclusion, among others.
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