Innovative banking solutions accelerate cross-border finance as East Africa’s trade and travel grow

Kampala, Uganda | THE INDEPENDENT | Cross-border banking is becoming increasingly central to East Africa’s financial system as rising trade, travel and labour mobility drive demand for seamless regional financial services. Banks across the region are expanding beyond their home markets through branches, subsidiaries and digital platforms to follow customers, finance cross-border trade and tap into new growth opportunities.

Globally, multinational banking models have long supported trade and investment flows by enabling the movement of capital and financial services across borders. In East Africa, this trend has been reinforced by regional integration under the East African Community (EAC), particularly the Common Market Protocol, which allows for the free movement of people, goods and services among member states.

The easing of cross-border movement has reduced barriers for individuals and businesses, accelerating the growth of regional banking. Banks are increasingly designing products tailored to customers whose financial lives span multiple countries, including traders, professionals, students and frequent travellers.

It is against this backdrop that I&M Bank rolled out a regional campaign, IMBRISK, in November 2025. The initiative is aimed at enabling seamless cross-border banking across key East African markets. Through the platform, customers can deposit, withdraw and transfer funds at any I&M Bank branch in Uganda, Kenya, Tanzania and Rwanda, regardless of where their primary account is domiciled.

IMBRISK is available to all I&M Bank account holders and allows customers to transact in local currencies at any I&M Bank branch across the region. The solution is designed to address long- standing challenges faced by cross-border traders, importers, exporters and frequent travellers who have traditionally encountered delays, high costs and operational hurdles when accessing funds outside their home countries.

By enabling access to funds without the need to open and manage multiple accounts, the initiative responds to the practical realities of a mobile and interconnected customer base, while reducing reliance on cash for cross-border transactions.

The launch comes at a time of rapid change in East Africa’s cross-border payments landscape. In 2025, the region recorded significant progress following the introduction of the EAC Cross- Border Payment System Masterplan, which aims to enable integrated and instant regional transfers. This has been complemented by pilot projects linking national payment systems, increased adoption of the Pan-African Payment and Settlement System (PAPSS), and expanding digital acceptance by global payment providers.

The commercial opportunity is substantial. According to MicroSave Consulting, East Africa’s cross-border payments market was valued at approximately USD 329 billion in 2025 and is projected to grow to USD 1 trillion by 2035. The projected expansion, driven by fintech innovation, increased mobile money usage and growing intra-African trade, represents a compound annual growth rate of about 12%.

Underlying this growth is a steady rise in regional economic activity. Merchandise trade within the East African Community has expanded sharply, with total trade reaching an estimated USD 38.2 billion in the second quarter of 2025, a 28.4 percent increase compared to the same period in 2024. Increased volumes are moving through inland border posts and regional airports, placing greater demand on efficient cross-border financial services.

Beyond trade, intra-regional travel continues to rise. In recent years, about 40 percent of tourism activity in East Africa has been within the region, driven by leisure, education and family-related travel. As mobility increases, access to reliable cross-border banking has become essential for travellers and businesses seeking to pay for goods, services and accommodation without carrying cash or maintaining multiple accounts. Cross-border banking is becoming increasingly central to East Africa’s financial system as rising trade, travel and labour mobility drive demand for seamless regional financial services. Banks across the region are expanding beyond their home markets through branches, subsidiaries and digital platforms to follow customers, finance cross-border trade and tap into new growth opportunities.

Globally, multinational banking models have long supported trade and investment flows by enabling the movement of capital and financial services across borders. In East Africa, this trend has been reinforced by regional integration under the East African Community (EAC), particularly the Common Market Protocol, which allows for the free movement of people, goods and services among member states.

The easing of cross-border movement has reduced barriers for individuals and businesses, accelerating the growth of regional banking. Banks are increasingly designing products tailored to customers whose financial lives span multiple countries, including traders, professionals, students and frequent travellers.

It is against this backdrop that I&M Bank rolled out a regional campaign, IMBRISK, in November 2025. The initiative is aimed at enabling seamless cross-border banking across key East African markets. Through the platform, customers can deposit, withdraw and transfer funds at any I&M Bank branch in Uganda, Kenya, Tanzania and Rwanda, regardless of where their primary account is domiciled.

IMBRISK is available to all I&M Bank account holders and allows customers to transact in local currencies at any I&M Bank branch across the region. The solution is designed to address long- standing challenges faced by cross-border traders, importers, exporters and frequent travellers who have traditionally encountered delays, high costs and operational hurdles when accessing funds outside their home countries.

By enabling access to funds without the need to open and manage multiple accounts, the initiative responds to the practical realities of a mobile and interconnected customer base, while reducing reliance on cash for cross-border transactions.

The launch comes at a time of rapid change in East Africa’s cross-border payments landscape. In 2025, the region recorded significant progress following the introduction of the EAC Cross- Border Payment System Masterplan, which aims to enable integrated and instant regional transfers. This has been complemented by pilot projects linking national payment systems, increased adoption of the Pan-African Payment and Settlement System (PAPSS), and expanding digital acceptance by global payment providers.

The commercial opportunity is substantial. According to MicroSave Consulting, East Africa’s cross-border payments market was valued at approximately USD 329 billion in 2025 and is projected to grow to USD 1 trillion by 2035. The projected expansion, driven by fintech innovation, increased mobile money usage and growing intra-African trade, represents a compound annual growth rate of about 12%.

Underlying this growth is a steady rise in regional economic activity. Merchandise trade within the East African Community has expanded sharply, with total trade reaching an estimated USD 38.2 billion in the second quarter of 2025, a 28.4 percent increase compared to the same period in 2024. Increased volumes are moving through inland border posts and regional airports, placing greater demand on efficient cross-border financial services.

Beyond trade, intra-regional travel continues to rise. In recent years, about 40 percent of tourism activity in East Africa has been within the region, driven by leisure, education and family-related travel. As mobility increases, access to reliable cross-border banking has become essential for travellers and businesses seeking to pay for goods, services and accommodation without carrying cash or maintaining multiple accounts.