The East African Community (EAC) is working on creating a platform that will enable her population to send and receive money within and across boarders of the community countries. This was revealed by Godfrey Kyama the e-banking advisor to the Commonwealth, during a presentation at Tech4Africa Conference in Nairobi, Kenya. He said the platform will be ready in about a year's time.
This platform will enable easy money transfer and therefore lessen the cost of doing business in the region. People will also be able to pay for goods and services from wherever they are in the region. The central banks will be responsible for approving the exchange rates that will be used.
This is good news for developers and financial institutions trying to expand across the region, and definitely a winner for customers who are looking for something that can solve their financial challenges.