Egypt and Eswatini are expanding banking cooperation, with a focus on improving cross-border payments and sharing financial expertise.
The move follows a meeting between Hassan Abdullah, governor of the Central Bank of Egypt (CBE), and Phil Mnisi, governor of the Central Bank of the Kingdom of Eswatini.
The governors discussed how Eswatini can leverage Egypt's experience with the Pan-African Payment and Settlement System (PAPSS) to accelerate its accession to the platform.
PAPSS aims to simplify cross-border trade payments while reducing transaction costs and processing times across the continent.
During the talks, the two leaders also reviewed the CBE's experience with its currency circulation system and the capabilities of the Egyptian Currency Printing House.
This partnership comes as Eswatini's cross-border financial flows undergo regulatory changes.
Low-value transactions within the Common Monetary Area are migrating from domestic electronic funds transfer rails to the specialised Transactions Cleared on an Immediate Basis payment scheme.
The shift will affect liquidity and transaction flows between Eswatini, South Africa, Lesotho and Namibia.
The engagement continues years of cooperation between the two central banks, with previous initiatives focusing on Basel banking standards, financial inclusion, micro-enterprise funding and climate-related risk management.
Beyond payment infrastructure, the governors discussed the CBE's partnership with the African Export-Import Bank to establish a specialised pan-African gold bank.
The proposed institution aims to strengthen central bank reserves, formalise Africa's gold trading systems and reduce reliance on foreign refining hubs.
The CBE said the engagement aligns with Egypt's broader strategy of strengthening relations with African countries and supporting continental economic and financial integration.
"Governor Abdullah welcomed the governor of the Central Bank of the Kingdom of Eswatini, stressing CBE’s keenness to enhance cooperation with African central banks, within the framework of the Egyptian state's orientation towards strengthening its relations with the countries of the continent, and supporting efforts for African economic and financial integration," the CBE said in a statement.
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