Martin Endjala
The Bank of Namibia hosted a quarterly Common Monetary Area (CMA) and Central Bank Governors meeting in Windhoek last week to discuss strengthening economic resilience and improving cross-border payment systems.
Key topics included reducing frictions in payment integration, ensuring equitable access, and streamlining regulatory frameworks for efficiency and integrity.
Kazembire Zemburuka, the bank’s strategic communications and international relations director, announced on Monday that the discussions centred on improving the speed, cost, and customer experience of cross-border payments.
The CMA is actively engaging international development partners, including the International Monetary Fund (IMF) and the World Bank, for support and technical assistance to address these challenges.
“The CMA is actively pursuing international recognition of its regulatory environment to reduce compliance burdens without compromising standards. This effort aligns with its broader objective of fortifying regional economic resilience while attracting greater international engagement,” he said.
The meeting emphasized equitable and inclusive access to cross-border payment systems, ensuring seamless integration for all stakeholders.
CMA further seeks to develop crisis management frameworks that strengthen preparedness for economic and financial crises across member states.
Key topics included the exploration of Central Bank Digital Currencies (CBDCs) and their potential impact on the region, updates on deposit insurance schemes, and the development of crisis management frameworks to strengthen economic and financial preparedness.
Discussions further examined exchange controls and mechanisms to safeguard financial stability and transparency.
Zemburuka noted that collaboration within the CMA is vital to fostering innovation and ensuring that regional economic structures support sustainable development.
The CMA members reaffirmed their commitment to leveraging their collective strengths to address emerging challenges, deepen regional integration, and drive economic transformation.
The Central Bank of Eswatini will host the next CMA meeting on 14 March 2025.
