13 December 2013 – The East African Community (EAC) is closer to launching an integrated cross-border payments system, which will remove obstacles to cross-border business transactions and boost regional trade, the Central Bank of Kenya (CBK) announced Wednesday (December 11th).
The East African Payments System (EAPS) is a step towards the formation of a regional monetary union.
“Currently EAPS integrates with the respective real time gross settlement systems of Kenya, Uganda and Tanzania that utilise internationally recognized SWIFT messaging network for safe and secure delivery of payment and settlement messages,” said a statement from the CBK.
Rwanda and Burundi are expected to join the EAPS soon. The EAPS will honour transactions in any of the member states’ currencies, easing the process of cross-border payments.