East African Community Central Banks urged to adapt and embrace technology to facilitate cross-border financial transactions
East African Community Headquarters, Arusha, Tanzania, 11th September, 2024: East African Community (EAC) Partner States Central Banks have been called upon to embrace technology as part of efforts to facilitate cross-border payments within the EAC Common Market.
Making the appeal, EAC Secretary General Hon. Veronica Nduva said some of the challenges behind the low uptake of the East African Payments System (EAPS) include limited capacity, lack of inter-operability, communication gaps between central bank’s and stakeholders, fear of online scams, protectionism by central banks and overlapping membership by Partner States to payment systems set up by various Regional Economic Communities.
