Africa’s CMA revamps cross-border payments over AML fears
Central Bank of Lesotho officials say the transition should be smooth but challenging
Countries in southern Africa’s Common Monetary Area (CMA) are changing how cross-border payments are processed, after the system triggered concerns over money laundering.
Starting September 2024, low-value cross-border payments in the CMA will be processed by regional infrastructure, said Emmanuel Letete, governor of the Central Bank of Lesotho.
“Low-value cross-border payments within the Common Monetary Area have historically been processed through South Africa’s domestic retail payment system,”
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