Financial transactions between East African Community (EAC) member states are expected to become easier and faster following the launch Monday (March 10th) of the bloc's Payment and Settlement Systems Project, Tanzania's The Guardian reported.
EAC Secretary General Richard Sezibera said the project, which was a joint effort by the EAC Secretariat and the African Development Bank, will deepen the integration of member states' financial sectors.
"Functioning payment and settlement systems represent a basic infrastructure for the functioning of market economies," Sezibera said.
The new system aims to integrate the regional financial market infrastructure, facilitate cross border fund transfers and provide outreach to rural areas to encourage broader participation in the region's economic development.
Bank of Tanzania Deputy Governor Natu el-Maamry Mwamba said from now on EAC businesses and citizens will be required to use their own currencies when doing transactions in the region.
"This project gives room for traders and ordinary people to easily carry out business using currencies of their countries," she said.
The five central banks of the EAC member states are expected to implement the project.