Rwanda and Tanzania have begun technical discussions to link their national retail payment systems, paving the way for instant, low-cost cross-border money transfers in East Africa.
- •The initiative will connect Tanzania’s Instant Payment System (TIPS) with Rwanda’s National Payment Switch (RSWITCH).
- •Once operational, individuals and businesses will be able to transfer funds between bank accounts and mobile money wallets in real time, bypassing delays and reducing costs associated with current systems.
- •From Nov. 10–14 in Kigali, technical teams from central banks, national payment systems, and partners including AfrikaNenda and Mojaloop Foundation met to discuss interoperability, regulatory alignment, governance, and operational frameworks.
“This preparatory work marks a pivotal milestone in our regional payment system integration agenda,” said Eng. Daniel Murenzi, EAC Principal Information Technology Officer. “It moves us closer to a single regional instant payment ecosystem that facilitates secure, affordable transactions across borders.”
Read more: https://kenyanwallstreet.com/rwanda-and-tanzania-move-toward-instant-cross-border-payments
