CBK Introduces Instant Cross-Border Payment System with Uganda and Tanzania

The Central Bank of Kenya has launched PesaLink Regional, enabling instant, low-cost money transfers between Kenya, Uganda, and Tanzania. The system, live since February 2024, allows individuals and SMEs to send funds in local currencies within seconds via mobile apps. Transaction fees are capped at 0.5%, far below traditional remittance costs. Over Ksh8 billion has moved in the first three months. The platform supports EAC integration and financial inclusion. Rwanda and South Sudan will join in Q4 2024. CBK Governor Thugge called it a milestone in monetary cooperation.