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Cross-border bank link to boost trade in EAC countries
Trucks line up at the Namanga border on the Kenyan side awaiting clearance into Tanzania. A new payment system will speed up transactions in the region. Photo/File
The speed and volume of trade among East African countries is expected to pick up as central banks within the region implement a cross-border real-time payment system.
The central banks are currently testing the system, which is expected to reduce the transaction settlement period to same day from the current two days.
