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East African trade ministers back plan to simplify cross-border payments

The proposal aims to cut the cost of sending money between neighbouring countries for small traders.

FS

World Desk Editor · Garowe

Published

1 min read

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Trade ministers from several East African countries have endorsed a plan to simplify cross-border payments for small businesses.

The proposal would link national payment systems so traders can pay suppliers in neighbouring countries without multiple currency conversions.

Business associations said implementation will depend on central banks agreeing common standards.

Fartun Said

World Desk Editor

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