Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.


Tanzania mulls operating bank payments system on Saturdays

09 December 2013, 09:24

Nairobi - Tanzania is considering operating its bank payments system on Saturdays, allowing customers to transfer money around, with traders remaining confident that the move would not affect banks' trading positions.

The opening of real time gross settlements (RTGS) will allow banks' customers to move money from one account to the next, a departure from the present when settlements have to wait till Monday.

There had been initial fears the move could have an impact on trading positions because the region's economic powerhouse, Kenya, does not operate its payments system on Saturdays.

"This will be only to fund accounts to cover payments," said Hakim Sheikh of the traders association, ACI Tanzania, adding it will not impact trading positions.

He said the issue was still under discussion between the central bank and ACI. The central bank was not available immediately for comment.

The five nation East African Community (EAC) trade bloc has signed a draft protocol for the formation of a monetary union.

Kenya, Tanzania, Uganda, Rwanda and Burundi, which have already signed a common market and a single customs union, signed a protocol laying the groundwork for a monetary union within 10 years on November 30.

- Reuters


Read News24’s Comments Policy

Comment on this story
Comments have been closed for this article.

Read more from our Users

Submitted by
Wilson Ochieng
DP Ruto accuses Raila of selling ...

DP Wiliam Ruto has castigated Raila Odinga for seeking western support to fund his 2017 election bid. Read more...

Submitted by
William Korir
Peter Kenneth announces Uhuru 201...

Peter Kenneth has announced that he will support President Uhuru Kenyatta in the 2017 elections. Read more...

Submitted by
Wilon Ochieng
Labour Party to dump both Jubilee...

The Labour Party of Kenya is likely to avoid supportoing both the CORD and Jubilee factions during the 2017 General Elections. Read more...

Submitted by
William Korir
Ukambani MP quits Jubilee, to run...

An Ukambani MP has quit the Jubilee Party, citing voter apathy as his reason behind leaving the ruling coalition. Read more...

Submitted by
Victor Tinto
Government launches probe into Po...

The government has launched an inquiry into the circumstances that could have led to two National Police Service helicopter accidents in August and September this year. Read more...

Submitted by
Wilwon Ochieng
Deputy Governor's ally found with...

The EACC has recovered KES 2 million in fake currency from a close ally of Deputy Governor for Tharaka Nithi Eliud Mati. Read more...