EAC partners adopt seamless pay system

Koborer

Koborer

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IN SUMMARY

  • Kenya, Tanzania and Uganda central banks have interconnected their payment systems
  • The system works in a similar fashion to the real time gross settlement system
  • Rwanda and Burundi are expected to join the integrated regional payment system at a later date
  • The new payment system comes days after the five presidents of the economic bloc signed the Monetary Union Protocol which is intended to result in a single currency in 10 years’ time

EAC partners adopt seamless pay system - Money Markets - businessdailyafrica.com
 

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