Launched in 2014, EAPS was designed to ensure efficient and secure payments across the region, but progress has been slow. Nduva stressed that central banks play a vital role in building public trust in tech-driven payment systems, crucial for trade and investment growth within the region.
Speaking at a two-day forum in Arusha, Tanzania, Nduva emphasised the need for faster, safer, and cheaper cross-border payments to boost intra-regional trade and financial inclusion. She also called for the harmonisation of policies, infrastructure improvements, and capacity-building for stakeholders involved in regional payment systems.
The Bill and Melinda Gates Foundation and TradeMark Africa also backed the move, with both organisations pointing out the importance of cross-border payments for financial inclusion and trade growth in East Africa. The African Development Bank’s Dr. Joy Maria Kategekwa praised the Pan-African Payment System (PAPSS) for its impact in easing cross-border transactions across the continent.
Despite progress in digital financial services at the domestic level, Nduva noted that cross-border payments remain slow, expensive, and reliant on foreign correspondent banks. She urged Partner States to build on domestic successes to achieve regional interoperability and boost trade in the EAC.
