Our Story
Introducing EACBond ++
Welcome to the world of EAC Bond++, a groundbreaking scheme designed to transform cross-border trade within the East African Community (EAC). As an innovative program, EAC Bond++ combines the expertise of customs authorities, insurers, reinsurers, financial institutions, and clearing agents to streamline operations and enhance efficiency for businesses operating across the region.
With EAC Bond++, we have reimagined the way international trade is conducted, focusing on key pillars such as customs transit, inland goods in-transit insurance, and container guarantee. By leveraging advanced technology and robust security measures, the program offers participants a seamless and secure trade experience, while ensuring compliance with customs regulations and providing comprehensive coverage.
Background
Enhancing Regional Trade: The Development of EACBond++
Cross-border trade is a crucial driver of East Africa's economic growth and development. However, traders often face several challenges that cause delays and costs in the efficient movement of goods across borders. Complex customs procedures, a lack of harmonization between national systems, and fragmented transit regimes cause issues that hinder the trade flow.
To overcome these challenges and enable the full potential of regional trade, the East African Community (EAC) introduced reforms to harmonize customs laws and procedures. These efforts included the Customs Management Act in 2010, which established a single customs territory to facilitate free movement of goods.
However, more reforms were needed to simplify transit operations and reduce non-tariff barriers. In partnership with Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH, the EAC developed EACBond in 2015, an integrated customs transit management system. This program aimed to establish a unified customs transit guarantee mechanism across all seven EAC partner states under a single bond, eliminating the need for multiple national bonds. Additionally, it introduced electronic cargo tracking and seals to improve transit security and visibility.
Building on the success of EACBond, the advanced EACBond++ program was launched in 2022. This program includes additional risk management tools, enhanced monitoring capabilities, and expanded insurance options. As a result, EACBond++ consolidated East Africa's position as a leader in digital trade facilitation. The program helped to unlock full economic potential of the region through increasing intra-EAC trade volumes and advanced regional cooperation.
Why Choose EAC Bond++
Enhanced Efficiency
Say goodbye to cumbersome paperwork and delays at border crossings. EAC Bond++ simplifies the customs clearance process, allowing for faster transit times and reduced administrative burdens. This means quicker delivery of goods and improved overall efficiency.
Cost Reduction
We understand the importance of cost optimization in international trade. EAC Bond++ offers competitive premium rates, helping businesses save on customs duties, taxes, and insurance expenses. By minimizing financial barriers, we aim to facilitate increased trade volumes and economic growth.
Security and Accountability
Trust is at the core of EAC Bond++. Our program ensures a high level of security and accountability by requiring participants to comply with customs regulations and adhere to their obligations. Through cutting-edge tracking systems and robust insurance coverage, we provide peace of mind for businesses and protect against potential risks.
Seamless Integration
EAC Bond++ seamlessly integrates with existing customs management systems, enabling a smooth transition for participants. With our user-friendly interface and intuitive design, you can easily navigate the platform and access all the necessary tools and information.
