design of a world bank project aimed at fostering small scale trade and innovative cross - border payment services in southern africa ; and 3. to look at the opportunities for providing cross - border money transmission services that benefit both small - scale trade and remittance transfers. it is anticipated that this roundtable symposium shall come up with a refined design of the world bank project to be launched later in 2011 focusing on five countries in southern africa, namely : angola, malawi, mozambique, south africa, and zambia. a draft copy of the project design has been circulated to you all. the project will aim at enhancing trade through lower transaction costs for trade payments and improved access to financial services for smallscale traders. the goal is to increase small value trade payments through formal channels and transition payments away from cash by improving competition and innovation in the market for trade related payment services. it is also expected that the forum will result in attaining better alignment of project scope with stakeholder needs, and in particular buy - in from both private and public sector stakeholders in each country covered. ladies and gentlemen, this roundtable forum brings together some decision and policy makers, from both the private and public sectors of the countries covered by the project, to a single regional event representing government and central bank officials, trade and payment system experts, international development community, mobile network operators, international money operators, payment service providers, academics and researchers involved in the topics of small - scale cross - border trade and payment services. i am very positive that the symposium shall achieve the stated objectives and wish to encourage you to actively and freely participate in the deliberations. with these few words, ladies and gentlemen, i declare this roundtable symposium open. thank you! bis central bankers ’ speeches

caleb m fundanga : small - scale cross - border trade and payment services in southern africa official opening remarks by dr caleb m fundanga, governor of the bank of zambia, at a roundtable symposium on small - scale cross - border trade and payment services in southern africa, lusaka, 21 march 2011. * * * distinguished invited guests let me begin by welcoming you to this roundtable symposium on small - scale crossborder trade and payment services in southern africa. may i also warmly welcome our colleagues from neighbouring countries who have come to join us in this important event. it is my sincere hope that you shall enjoy your stay in zambia and that you shall find this roundtable symposium fruitful. distinguished ladies and gentlemen, cross - border trade plays an important role in supporting livelihoods, especially those of border communities, thereby buttressing prosperity in the region. furthermore, by strengthening commercial ties, promoting cultural understanding, and deepening community relationships, cross - border trade helps to nurture harmonious relations amongst countries in the region. the unique feature of small - scale cross - border trade lies in geographical proximity which minimises transportation costs, thereby allowing traders to take advantage of differences in the supply, demand, and prices of various goods and services available on either side of the border. it is worth noting that most cross - border trade activities are not reported in foreign trade statistics. however, surveys conducted on the subject show that cross - border trade is carried out by individuals or small traders and their families. the volumes traded are small both in value and quantity, with agricultural products and consumer goods being the main traded goods. the traders ’ mode of transport in conducting their business is on foot, using bicycles, taking a minibus or a taxi to and from the other side of the border. ladies and gentlemen, cross - border trade not only benefits traders ’ lives through incomes but also strengthens local production, and fosters service provision. it also benefits the people involved in activities associated with trading. this entails that cross - border trade is a significant driver of employment and income generation for households that would otherwise have lived in poverty, especially in remote areas where employment is scarce. furthermore, ladies and gentlemen, cross - border trade lowers import prices and widens the range of choice of goods available to consumers, as well as enables exporters to benefit from higher value - addition. finally, cross border trade has a gender dimension with women being more actively involved. from the foregoing, distinguished ladies and