Kenya, Uganda and Tanzania will start a system to speed up financial transactions among East Africa’s biggest economies in a bid to boost trade, said Natu el-Maamry Mwamba, deputy governor of Tanzania’s central bank.
The payment system will be faster than current check- clearing method, Mwamba said at a conference in Kampala, the Ugandan capital, today.
Rwanda will join the payment regional system shortly after its creation, while Burundi “is still behind” and will first have to create a local payment system before moving to a regional one, said Emmanuel Tumusiime-Mutebile, governor of Uganda’s central bank.
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