East Africa’s biggest economies have launched an integrated real-time cross-border payments system designed to remove bottlenecks to business and bolster intra-regional trade, Kenya’s central bank said on Wednesday. The East African Payments System (EAPS) is an early step towards the creation of a monetary union within the five nation East African Community (EAC) trade bloc, which member states hope to establish within 10 years. “EAPS will facilitate trade within the region and is a quick win for the EAC,” the Central Bank of Kenya said in a statement. EAPS will enable people in Kenya, Uganda and Tanzania to make and receive payments in real time, speeding up the process of commercial transactions.
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