KCB Group is seeking to establish partnerships with other stakeholders to deepen investments in technology in an effort to drive payments and cross-border trade across East Africa and beyond. This was announced during a meeting between KCB Group CEO Paul Russo and East African Community (EAC) Secretary General Veronica M. Nduva, CBS, in Arusha, Tanzania.
KCB Group, as highlighted by Mr. Russo, is already in talks with various partners in the trade and payments sector, leveraging its technological capabilities to support economic and trade integration across the continent.
“We are building on our technology and closing new partnerships to support the massive opportunities on the Continent for cross border payments and trade facilitation. We are looking at eliminating the complexities associated with traditional payment systems, providing customers with a more convenient and streamlined experience, facilitating increased trade and economic cooperation across Africa,” said Mr. Russo.
KCB Group, as a Pan-African banking leader, is part of the Pan-African Payment & Settlement System (PAPSS) to streamline cross-border transaction settlements. This gives KCB Group and its subsidiaries access to PAPSS’s advanced platform, allowing for smooth cross-border transaction settlements.
“Our upgraded state-of-the-art core banking system has enabled the bank to offer real-time banking transactions across the over 600 branches across East Africa. This enables customers to enjoy banking without boundaries but also facilitates ease of cross-border trade by managing finance operations, liquidity, and mitigating risks inherent in trade,” he added.
Paul Russo was accompanied by Cosmas Kimario, Managing Director of KCB Bank Tanzania and KCB Group Director of Regional Business, along with the senior leadership team of KCB Tanzania.
KCB Group is the main banking partner for the EAC Secretariat and multiple agencies within the bloc, with KCB Tanzania operating a branch at the EAC Headquarters to support the bloc’s activities.
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KCB Group has been at the forefront of empowering digital payments across the continent by offering payment solutions through international partnerships. In February, KCB joined forces with Mastercard to provide its customers across the East African region with optimized payment systems. The payment solution was rolled out in Kenya, Rwanda, Burundi, South Sudan, Tanzania, and Uganda, enabling cardholders to perform a range of transactions, including e-commerce payments, cross-border remittances, QR, and Tap on Phone solutions.
Additionally, KCB established a partnership with dLocal, an Uruguay-based payments firm, to facilitate the flow of remittances without third-party involvement. This has made transactions cheaper, faster, and more dependable for its clients.