East Africa: Citizens to Use Local Currencies Across EAC

14 March 2014

By Edward Ojulu

East Africans will soon be able to settle financial transactions across the bloc's borders in local currencies in a faster and more secure system when the region's central banks integrate their payment systems in about 18 months.

The process to integrate Real Time Gross Systems (RTGSs) of the central banks of the five-member countries commenced on Monday with the launch of the EAC Payment and Settlement Systems Integration Project in Arusha, Tanzania.

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