The post Kenya, COMESA launches Digital Retail Payments Platform aimed to reduce transaction costs in the 21-nation bloc appeared on BitcoinEthereumNews.com.

The Common Market for Eastern and Southern Africa established a digital payments system on Thursday aimed at reducing transaction costs. The bloc said that the new system will allow businesses to settle deals in local currencies. The 21-member bloc has joined efforts by the African continent to promote local currency payment systems, aiming to reduce trade costs by eliminating the need to convert local currencies into other currencies for cross-border transactions. COMESA announced that the new Digital Retail Payments Platform will commence with trials between Malawi and Zambia. COMESA seeks to cut trade costs with a new payment system The COMESA Digital Retail Payment Platform (DRPP) is a game-changer for regional trade. Addressing the 24th COMESA Summit of Heads of State and Government, I underscored the importance of the DRPP as an instant, inclusive, and affordable cross-border payment system that keeps… pic.twitter.com/hKrKmU2YtK — Hon Lee Kinyanjui (@GovLeeKinyanjui) October 9, 2025 The bloc also revealed that the new digital payment system is being rolled out in partnership with two digital financial services providers and a foreign exchange provider. COMESA didn’t specify the names of the partners. Kenya’s trade minister, Lee Kinyanjui, acknowledged that the initiative is aimed at assisting medium, small, and micro enterprises. He revealed that these enterprises account for 8% of businesses and 60% of employment in member states, but must deal with insecure and expensive cross-border payment systems. “For the first time, cross-border trade within COMESA can be settled directly in local currencies. This is a game-changer. We are demonstrating how traders can exchange value seamlessly without relying on scarce foreign currency.” -Lee Kinyanjui, Trade Minister of Kenya. Kinyanjui also maintained that the payments platform will aim to keep costs under 3% of the transaction value. Kenya’s President William Ruto, who took over the chairmanship of COMESA from…

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Filed under: News - @ October 9, 2025 9:28 pm