 has approved a comprehensive Cross-Border Payment System Master Plan, a key step toward enhancing financial integration and accelerating digital trade across the region. The plan was endorsed during the 28th Ordinary Meeting of the EAC Monetary Affairs Committee (MAC), which brought together central bank governors and financial leaders from EAC member states.){kind=link}
By Ginaba Lino
The East African Community (EAC) has approved a comprehensive Cross-Border Payment System Master Plan, a key step toward enhancing financial integration and accelerating digital trade across the region. The plan was endorsed during the 28th Ordinary Meeting of the EAC Monetary Affairs Committee (MAC), which brought together central bank governors and financial leaders from EAC member states.
The meeting, chaired by Veronica Mueni Nduva, saw the formal adoption of the Master Plan, which is expected to play a central role in supporting the objectives of the EAC Monetary Union by creating a secure, efficient, inclusive, and interoperable cross-border payments ecosystem.
According to the EAC, the Master Plan is designed to transform the region’s payment landscape by improving the efficiency, speed, and security of financial transactions among partner states. It also aims to promote the use of local currencies, deepen financial markets, enhance digital inclusion, and contribute to the region’s broader economic development.
The Cross-Border Payment System Master Plan is anchored on four key pillars including creating uniform regulations across partner states to reduce risks, enhance compliance, and improve interoperability among payment service providers (PSPs).
Upgrading and expanding regional infrastructure such as the East African Payment System (EAPS) and developing a regional instant retail payment switching mechanism to enable faster, more cost-effective transactions.
Equitable Access to Payment Systems to ensure that individuals, businesses, and financial institutions across the EAC have fair and equitable access to cross-border financial services.
Capacity Building and Technical Development to strengthen technical expertise, regulatory capabilities, and financial literacy across the region to ensure sustainable implementation and management of modern payment systems.
Veronica Nduva highlighted that the implementation of the Master Plan is expected to significantly reduce the cost and time of cross-border transactions, making financial exchanges more affordable and accessible for both businesses and individuals.
In addition, the initiative will enhance cybersecurity and data protection across digital financial platforms, while supporting institutions in partner states through technical assistance and capacity-building programs.
While the EAC has not yet disclosed the official launch date for the implementation phase, the approval of the Master Plan marks a significant milestone in the region’s path toward deeper economic and financial integration.