Standard Chartered Bank clients in Kenya can now do their business in Uganda without the need for cash, hence cutting down on the risks associated with cash transport such as theft.
The bank's customers in Uganda, on the other hand, can access their accounts and make deposits, withdrawals, balance enquiry and statement request without any charges levied.
The latest development will provide a platform for StanChart to increase its footprint in the region and tap into the opportunities available under the common market protocol.
Transact business
Chief executive Richard Etemesi said the latest development, aided by improved technology is to enable their customers transact business across the region, without a hitch.
"We have the support of five heads of the five partner States and we will endeavour to enhance business across the region," he said.
During the launch of the seamless banking services at Serena Hotel on Tuesday evening, Mr Etemesi said it will be rolled out in Tanzania, subject to acquiring regulatory approval by the Tanzania's central bank.
"We want to reposition in the region with the aim of providing financial and intellectual support to our customers and exploit the opportunities available," said Mr Etemesi.
The East African Community Common Market Protocol, enforced on July 1st 2010 allows free movement of capital, labour and goods can move freely.
Mr Etemesi said that the fiscal and monetary policy is the pillar for integration of the region adding that once that comes into fruition, "it will enhance what we are doing."
Uganda high commissioner to Kenya Angelina Wapakhapulo said the borderless banking for traders in the two countries is a step towards the reviewing and harmonisation of the fiscal and monetary policy in the bloc.
Source: Breaking News, Kenya
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