Fintech Revolution: Kenya Leads Sub-Saharan Africa with Real-Time Cross-Border Payment Switch
A small-scale market trader in Busia processing a digital payment using a smartphone POS terminal.
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Kenya’s digital financial ecosystem took another giant leap forward as commercial banks and telecommunications giants interconnected with the East African Payment Switch.
The system permits instantaneous local currency remittances between Kenya, Uganda, Tanzania, and Rwanda without requiring intermediary third-party correspondent banks.
Cross-border micro-traders operating along regional border points have reported faster transaction clearance times and negligible foreign exchange conversion spreads.
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