Africa’s CMA revamps cross-border payments over AML fears

Central Bank of Lesotho officials say the transition should be smooth but challenging

Maseru, Lesotho

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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