Following the single tourist visa, a major deal between banking switch services in
Banking switch services allow a customer of one bank to access their account at ATM's of another bank without opening an additional account.
"We are soon signing a Memorandum of Understanding with
"We want to be a catalyst for the East African intergration and the move towards having a cashless economy," he added.
The addition of
He said this will lower banking costs and boost tourism and trade across
Emmanuel Mutebile, the
Cumulative commercial bank assets amounted to sh15.5 trillion at the end of
"The adoption of IT solutions to the delivery of services will enable financial institutions to reduce spending on physical premises and on staff costs," he said.
"The innovations are already delivering huge benefits for customers in terms of the speed, reliability and costs of making payments."
Anthony Kituuka, the KCB head of corporate banking, said the move will be a major boost for banks without a regional branch network.
"The East African economy benefits when its citizens are able to move from one country to another and withdraw money in the local currency to pay for goods and services," he said.
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