EAC and AfDB launch a platform to facilitate cross-border payments

Mar 13, 2014

The East African Community (EAC) and the African Development Bank (AfDB) launched on Monday, March 10 the EAC Payment and Settlement Systems Integration Project (EAC-PSSIP), in order to enhance the development of the financial sector in the region.

The East African Community (EAC) and the African Development Bank (AfDB) launched on Monday, March 10 the EAC Payment and Settlement Systems Integration Project (EAC-PSSIP), in order to enhance the development of the financial sector in the region.

This $23 million initiative (€16.5 million), funded by the AfDB, aims to complete the integration of regional financial markets' infrastructure in a bid to facilitate cross-border transactions and support the economies of the region. A platform will be set up to allow traders to receive payments in real time and in local currency.


"The payment and settlement system is a basic infrastructure for market economies", said the General Secretary of EAC Richard Sezibera, quoted by Xinhua news agency.

He added that these systems are an effective mechanism for the exchange of funds, and ensure the final and irrevocable nature of payments and settlements. They also help with the management, reduction and control of risks associated with payments and they facilitate the implementation of monetary policies.ADNFCR-2976-ID-801702745-ADNFCR