The ambitious East African Community Cross-Border Payment Masterplan has been fully adopted, Central Bank Governors drawn from countries within the EAC announced.
The new development was revealed after the conclusion of the 28th Ordinary Meeting of the EAC Monetary Affairs Committee on Friday, May 9, composed of Central Bank Chiefs drawn from Kenya, Somalia, Burundi, South Sudan, Rwanda, Tanzania and Uganda.
The adoption of the Masterplan marked a significant step towards revolutionising cross-border payments within the EAC as it sets out strategic initiatives for payment systems modernisation and integration within the EAC region.
The Masterplan was developed through extensive consultations with the Partner States' Central Banks and envisions a future where East Africans can conduct cross-border transactions with ease, fostering deeper economic integration and financial inclusion. President William Ruto flanked by other EAC Presidents during the 24th Ordinary Summit of East African Heads of State Summit on Friday, November 29, 2024 in Arusha, Tanzania Photo PCS Its mission is to implement a secure, efficient, and interoperable payments framework that aligns with the objectives of the EAC Monetary Union.
