EAC traders set for easier cross-border cash transfers

The East African Community (EAC) has launched a common platform that will allow traders to receive payments in real time and in local currencies, reports TradeMark East Africa.
Central bank governors from Kenya, Uganda, Rwanda, Tanzania and Burundi launched the first phase of the system that is expected to enable traders to receive cross-border payments seamlessly and without having to incur the cost of currency conversion.
“This project has massive benefits that will put the region on the right road to the monetary union,” said Central Bank of Kenya governor Njuguna Ndung’u, who chairs the East African Community’s (EAC) monetary affairs committee.
The US$23 million EAC Payment and Settlement Systems Integration Project (E-PSSIP) is financed by the African Development Bank (AfDB).