Following the launch of the East African Community’s (EAC) Payment and Settlement Systems Project, financial transactions between the member states are expected to be easier and faster.
The new system aims to integrate the regional financial market infrastructure, facilitate cross border fund transfers thereby encouraging a broader participation in the region’s economic development.This project, a joint effort by the EAC Secretariat and the African Development Bank, aims to integrate the EAC member’s financial sectors enabling businesses to conduct transactions between the member states in their own currencies.
Source: allAfrica.com
