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  • on 19.10.2015
  • at 01:48 PM
  • by Kimberley Evans

Mobile money now crosses borders in four East Africa countries 0

It will be a lot easier and cheaper to transfer money across four countries in East Africa on different telecommunication platforms following the adoption of  harmonised money transfer services.

Uganda, Kenya, Rwanda and South Sudan have adopted the harmonised money transfer guidelines and uniform rates developed by their central banks and communication commissions with the aim of boosting trade in the region.

According to Joseph Nyagah, Kenya’s national co-ordinator for the Northern Corridor Integration Programme, the new harmonised rates will be formally published but will become operational immediately after the Northern Corridor Heads of State Summit scheduled for October 17.

“The central bank officials from the four partner states are finalising the regulations to govern the cross-border transfers and these will be published with the harmonised rates,” said Mr Nyagah. “But they are a fraction of the current mobile transfer rates.”

Denis Karera, the chairman of the East African Business Council, described the harmonisation of rates as an important enabler of trade that will provide timely and cost-efficient ways of transferring money, ease doing business and strengthen the One Network Area initiative.

“Regional remittances will greatly reduce the cost of doing business across the EAC borders as well as ease other challenges, including sending money to students studying in other partner states,” said Mr Karera. “This should be adopted by all the EAC partner states.”

Continue reading on: The East African

by: Christabel Ligami

Photo Credit: The East African

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