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How a payments platform is driving cross-border trade, economic growth

Published on October 25, 2017

Four years after its launch, Kenya, Tanzania, Uganda and Tanzania are benefitting from quicker and cheaper payments through the East African Payment System (EAPS). Currently serving a population of more than 150 million people; and with Burundi soon to go live on the platform, what are the driving forces behind EAPS and what impact is it having on the region?

Lack of shared rules and regulations, cross-border trade tariffs and lack of infrastructure remain major barriers to economic growth in Africa. According to the World Bank, the African market remains highly fragmented, which limits the movement of goods, services and people across borders. The United National Economic Commission for Africa has also recently highlighted the need to boost intra-African trade to deliver development across the continent and speed up Africa’s economic transformation. Read more. Source | New Times