EA Central Banks to integrate payments

Central Banks in East Africa are testing a new cross border payment systems aimed integrating money transfer systems in the region. Central Bank of Kenya’s head of national payment system Stephen Nduati said with the exception of Burundi the other EAC member states countries are on a trial stage of the Real Time Gross Settlement ahead of the integration. “We have moved a step closer to making business transitions faster across the region through quicker delivery of paperless payments,” Nduati said “In Kenya we want to make cheque clearance a single day process down from the current two days”...