DAR ES SALAAM, Aug. 25 — The East African Community (EAC) has inaugurated three technical working groups to guide implementation of its Cross-Border Payment System Masterplan, marking a shift from planning to execution of the regional payments integration agenda, the regional bloc said in a statement on Monday.
The statement said the inauguration took place during the first joint meeting of the technical working groups in Mombasa, Kenya, from Aug. 18 to 22, bringing together representatives from the central banks of EAC member states, the EAC secretariat and development partners including the World Bank. The meeting, chaired by the Bank of Uganda with the National Bank of Rwanda serving as rapporteur, reviewed measures to establish an integrated, secure, efficient, affordable and inclusive regional cross-border payments ecosystem, the statement said. It contains 20 strategic initiatives aimed at strengthening cross-border payment systems across the EAC region, the statement added. The meeting also called for closer coordination among EAC monetary affairs structures to avoid duplication and ensure effective implementation of the masterplan.
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