Kenya, Rwanda, Uganda and Tanzania to integrate payment systems
The Governor of the National Bank of Rwanda (BNR), François Kanimba, has revealed Rwanda is ready to adopt a new payment system common to the central banks of Uganda, Kenya and Tanzania.Issuing institutions of the East African Community are working on the integration, which is due to happen this year, news agency APA reports.
The new offering allows an instant transfer of money from one bank to another.
It aims to make payment systems more efficient and reliable, in order to facilitate the development of capital markets.
"If a Kenyan wants to purchase from a seller that is customer of a commercial bank in Rwanda, this investor will be able to transfer the money in just a few seconds on the seller's account, thanks to this integrated payment system", Mr Kanimba told the news source.
Other direct beneficiaries of this project will be central banks and governmental financial institutions such as Inland Revenue and customs.