EAC nations aim to cut money transfer costs
Countries in the East African Community (EAC) are collaborating in an attempt to improve the area's money transfer procedures.Countries in the East African Community (EAC) are collaborating in an attempt to improve the area's money transfer procedures.
Authorities in Tanzania, Burundi, Uganda, Kenya and Rwanda want to establish a new system that allows transactions between each nation to be faster and less expensive, the New Times reports.
Clever Gatete, government of the National Bank of Rwanda, confirmed an agreement on the form this new system will take has been reached, which means it could be in place within a matter of weeks.
This means anyone transferring euros or US dollars between different nations will only have to pay 0.25 per cent in transaction costs, he confirmed.
Mr Gatete said this represents a five per cent drop on the amount people are currently required to pay.
"Rwanda, Tanzania, Kenya and Uganda have finalised on the terms to be used as Burundi is working hard to fill all the requirements for this payment system to be implemented," Mr Gatete added.