East African Community Launches Instant Cross-Border Payments With Rwanda-Tanzania Pilot, Says Bloc
East African Community Launches Instant Cross-Border Payments With Rwanda-Tanzania Pilot, Says Bloc
Technical work to link Tanzania’s TIPS and Rwanda’s RSwitch payment systems has begun, marking a significant step forward in enabling instant cross-border money transfers within East Africa, according to a statement from the EAC.
Once operational, the project will allow citizens and businesses in both countries to send and receive money across borders instantly and at lower cost, while serving as a model for eventual expansion to all EAC member states, the bloc noted.
"This preparatory work marks a pivotal milestone in our regional payment system integration agenda, moving us closer to a single regional instant payment ecosystem that will facilitate secure, affordable, and real-time transactions across borders," said an EAC official.
The initiative, supported by the Eastern Africa Regional Digital Integration Project, aims to enhance trade, financial inclusion, and regional economic integration by creating a seamless digital payments ecosystem, according to the statement.
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