The bank’s customers can now carry out deals across East Africa without paying any fee and can obtain their fund in local or any other currency, as per their choice, reported Ventures Africa.
Standard Chartered East Africa consumer banking head Bhartesh Shah was quoted by the news portal as saying that great strides had been made in the intra-regional trade in the East African community.
The new service has been introduced after the bank felt the need for establishing a secure payments channel to help facilitate easy transaction in the region.
"The region grew 4 times of its gross domestic product from USD 20billion to USD 80billion in the first decade," Shah said in a statement.
"Standard Chartered has leveraged on its regional presence to provide financial solutions to our customers and clients to enable them exploit the opportunities provided by this trading bloc."
In May 2013, the bank announced its banking operations expansion plan in two more African countries, including Angola and Mozambique, to boost the revenues’ share from the region.
Standard Chartered said in July that it is planning to launch Islamic banking operation in Kenya, which it intends to use as a launch pad for business expansion into the rest of Africa.
