KCB pledges to foster digital regional economic integration

ARUSHA: KCB Bank has reaffirmed its commitment to spearheading digital payment transformation in the East African region through cutting-edge digital payment solutions that cater to the evolving needs of individuals, businesses and communities.

The Bank’s Director for Digital Financial Services, Ms Angela Mwirigi made the statement during the high-level side event on the Commemoration of the EAC 25th Year Anniversary in Arusha at the weekend.

“By unifying the payment experiences for both businesses and their consumers, we can unlock hundreds of millions of consumers and allow them to transact digitally in their local context.

“We do this by removing layers of complexity from an already complex financial system. In essence, simplifying the way people pay and get paid,” she said.

She highlighted on the bank’s readiness to build and deploy robust technology that will enable the region to unlock digital potential and foster financial inclusion.

The digital transformation taking place across countries and the accompanying expansion of digital payments have clear connections to global efforts to create a more equitable, prosperous and democratic world.

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Ms Mwirigi insisted that KCB’s role as a facilitator of seamless cross-border payments will not only support its growth but also contribute to the broader vision of a unified and economically vibrant East African Community.

She however mentioned some challenges that delay its full realisation including limited capacity and knowledge sharing among regulators and government, sluggish uptake of the East African Payments System (EAPS), high currency exchange fees in cross-border transactions continue to inhibit transactions.

The lack of full interoperability within the digital ecosystem highlights the need to bridge the gap between different payment service providers, including Mobile Network Operators (MNOs) and banks.

Expanding the use of mobile money beyond remittances to include low-value trade is also crucial.