The phenomenal growth of
In a statement dated Aug.29, the Bank said, the Borderless Banking solution has grown exponentially starting
From February to
"Clients in the region have long been struggling to access cross-border transactions platforms that offer consistent, speedy and affordable service," said Patrick Mweheire,
He added, "This system has been developed cost-effectively, demonstrating how and when we collaborate, we can achieve great things that drive East African growth and intra-regional trade."
Launched in 2021, Borderless Banking allows clients to access their accounts and transact in real time at any
In a single platform, customers have a holistic view of all bank solutions across the region, making it easier to transact, conduct business and get instant access to funds in any account they hold with
According to the
Another important driver of growth, the report said, is that 63% of consumers send cross- border payments to financially support family and friends abroad.
Therefore, it was important for
Cash deposits, cash withdrawals, charges and even customer authentication are all done in real- time, facilitated on a growing and highly secure system. This enables much reduced turnaround times, data mining, tracking of funds and growth of businesses now better able to seek and access trade across borders.
Over the past year, 80% of the transactions made have been cash deposits, while the remaining 20% has been cash withdrawals. Top sectors set to benefit from the platform include oil and gas, energy, non-governmental organisations, industrial and manufacturing, agriculture and even governments.
"We are seeing continuous positive and tangible development of the solution," says Mweheire.
"As part of
Mweheire cites truck drivers who used to worry about carrying large volumes of cash across the borders, something he says, they don't have to think about anymore.
"They can access any of the various
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