East Africa: One Payment System to Cut Business Cost

Nairobi — East African Community partner states are seeking to set up a standardised payments system based on the European Union's Single Euro Payments Area (Sepa) model, where a zone for the euro was created in which all electronic payments were considered domestic.

The plan, according to Central Bank of Kenya governor Prof Njuguna Ndung'u, is for the EAC to replicate the European Union's economic integration model culminating in one central bank, one multinational payment and settlement system and one currency.

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