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EAC States To Harmonise ATM Withdrawal Charges

Business

EAC States To Harmonise ATM Withdrawal Charges

Rwandans are set to benefit from the upcoming harmonization of ATM withdrawal charges across banks within East African community member states.

Representatives of EAC states resumed talks in Mombasa on the implementation of study recommendations for interoperability of card switches and cross-border payments.

Since 2015, the regional finance ministers failed to agree on how to review and align banking legislations in their respective countries.

Banking sector specialists say that this initiative would bring financial benefits and impact the financial sector across the region by promoting cross-border payments using debit/credit cards within the EAC banking sector.

The cost of transacting through the network will go down and that will be felt through a consumer who uses the platform.

The proposed fee charged on ATM withdrawals from different banks across the region will drop from $2.5 to about $0.8 per transaction when the interoperability of card switches project goes live in Kenya, Uganda, Rwanda and Tanzania.

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