Regional Leaders Push for Faster Cross-Border Payments System

Digital finance reforms aim to reduce costs and speed up regional transactions

Kampala/Nairobi

East African leaders are accelerating plans to build integrated cross-border payment systems that allow real-time transfers between banks and mobile money platforms. The reforms are designed to reduce the high transaction costs and long delays that slow down regional trade and humanitarian operations.

Businesses and humanitarian organizations often face delays in paying suppliers, drivers and local partners due to fragmented financial systems. The proposed digital platforms aim to link national payment infrastructures into a shared network, making regional commerce more efficient and transparent.

Why It Matters

Faster payment systems lower the cost of doing business, reduce risk and enable quicker humanitarian response during emergencies.

What to Watch

Technical readiness, legal harmonization and cybersecurity safeguards will be crucial to the success of the new systems.