EAC partners adopt seamless pay system

[Koborer]

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