The financial integration of Africa is proceeding apace with the East African Community (EAC) giving the green light for the EAC Cross-border Payment System Masterplan.

The region’s central bank governors have okayed the initiative aimed at promoting regional trade and a seamless cross-border payment ecosystem, according to Africa Business Communities.

Founded on four pillars, the masterplan focuses on harmonising the region’s regulatory and policy environments; developing and modernising payment infrastructure to make it more efficient and secure; deepening the financial market to ensure equitable access; and, finally, building capacity by developing technical skills and financial literacy.

While it supports the use of local currencies, the masterplan also lays the groundwork for the eventual adoption of a regional digital currency.

The EAC says the implementation of the masterplan will be supported by the Eastern Africa Regional Digital Integration Project, which is financed by the World Bank.

20 May 2025
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