Governors launch East African Payments System
Members of the East African Community unveil measures to boost regional trade
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
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