Business updates

The MCCI, as the national focal point of the CBC, participated on Friday 4 September 2020 in a COMESA Manufacturers and SMEs sub-regional stakeholder virtual meeting to discuss a draft policy framework on a digital integrated common payment scheme for SMEs. The meeting was organised by the COMESA Business Council in line with objectives of COMESA to contribute towards digital financial inclusion for SMEs. It forms part of a series of stakeholder meetings that will help inform the policy guidelines and implementation framework for a digital integrated common payment scheme for SMEs within the COMESA.

The aim of the policy framework is to facilitate the design, development and deployment of an integrated digital financial services infrastructure that is low-cost, interoperable and fraud resistant and that serves MSMEs. The proposed digital common payments scheme for MSMEs has a specific focus on women and youth enterprises who are identified as MSMEs, and the customers they transact with at the bottom of the financial pyramid. Further, the proposed scheme is consistent with initiatives by different countries in the region to move towards a cashless economy in line with the Maya Declaration, which is the world's first commitment platform which enables Alliance for Financial Inclusion (AFI) member institutions to make concrete financial inclusion targets and implement in-country policy changes.