Kenya dominates transactions in the East African Payment System, which allows citizens of the region to make and receive payments in regional currencies. PHOTO | FILE | NMG
East Africa Community member states will explore the potential of a central bank digital currency (CBDC) for their shared payment system to end reluctance by member countries to trade in each other’s currency.
In a call for a consultant on cross-border payments in a recent media advertisement, the bloc’s secretariat said advances in technology and innovation have created a potential for new forms of cross-border payments even as it moved to upgrade the struggling East African Payment System (EAPS), which was launched in May 2014.
