THE SOUTHERN AFRICA DEVELOPMENT COMMUNITY REAL TIME GROSS SETTLEMENT (SADC-RTGS) SYSTEM

It is an automated interbank settlement system, which settles payment obligations between participating banks in real-time in all the SADC countries. The system has been in operation in Zambia since September 2014. The system currently settles payments in South African rand (ZAR) only. There are considerations to include additional re- gional currencies in the system in the near future. The System was developed to facilitate funds transfer for cross-border payments in the SADC region in order to contribute to the promotion of trade and investment. All businesses and individuals can use this system to send and receive payments to and from a trading partner within the SADC region. The transactions are processed in real-time meaning that a counterparty receives the funds faster and without delay.

When you import goods and services within the SADC region, you can remit or pay your counterparty through the system by contacting your commercial bank as listed below. Request your commercial bank for forms that you need to fill in for funds transfer using the SADC-RTGS. This can be done within the bank branch or online as may be required by your commercial bank. The process will require you to provide the detailed information needed for the cross border funds transfers. The transaction will be processed in real-time and on a straight through process allowing businesses and individuals to received funds instantly.

The following are the participating banks in the system; a) Absa Bank (Z) Limited b) Banc ABC t/a Atlas Mara c) Bank of Zambia d) Cavmont Bank (Z) Limited e) Ecobank (Z) Limited f) First National Bank (Z) Limited g) Stanbic Bank (Z) Limited h) Standard Chartered Bank (Z) Ltd i) Zanaco j) Zambia Industrial Commercial Bank