Central Banking

Governors launch East African Payments System

njuguna-ndungu

The East African Payments System (EAPS) will "promote, facilitate and support" regional trade by allowing cross-border trade in three different currencies, according to Central Bank of Kenya governor Njuguna Ndung'u.

The system is the first to allow the real-time transfer of funds across borders in the East African Community (EAC) – including Burundi, Kenya, Rwanda, Tanzania and Uganda – in multiple currencies.

Launched in Nairobi last week, at the latest meeting of the EAC's monetary affairs co

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