High cost of intra-EA cash transfers slows the Common Market
Tanzania remains the most expensive country to send money from, with some payment options charging as high as 65 percent of value sent as transaction cost. PHOTO | SHUTTERSTOCK
Business and Technology Reporter in Nairobi, Kenya
Nation Media Group
East Africans are still struggling to find cheap options to send money from one country to another within the region, making it one of the greatest barriers to trade and slowing the implementation of the Common Market Protocol.
Latest data from the World Bank shows that some money remittance corridors in the region are among the most expensive in the world, and much higher than the global average, despite efforts to bring down transaction costs to ease trade.
