This Monday morning (3), the Governor of the Banco de Moçambique, Rogério Zandamela, delivered the opening speech at the Continental Seminar of the African Association of Central Banks set to run until Wednesday (5) at the Joaquim Chissano Conference Center.

In his speech, Rogério Zandamela said that the event takes place amid profound transformations regarding global trade, which present an opportunity for Africa to drive intra-African trade and continue to improve financial inclusion on the continent.

In this light, the Governor put forth the need for the implementation of a Pan-African Payments and Settlements system capable of allowing payments in local currency between African countries, which, according to Zandamela, would reduce dependence on foreign currency liquidity and transaction costs, resulting in a significant increase in the volume of goods and services traded between African economies.

At the event, Rogério Zandamela stressed that African countries must promote integration and interoperability across the various systems, as well as harmonize the regulatory and supervisory frameworks. The Governor then highlighted the need for ongoing monitoring and mitigation of several risks regarding cybersecurity, money laundering and terrorist financing.

During his speech, Zandamela noted that the African continent is still far from achieving desirable levels of financial inclusion, as nearly half of the population remains excluded, which is twice the global average.

In attendance at event were BM board members, managers and staff members, as well as representatives of African central banks and international partner institutions.