MOMBASA, Kenya (March 21, 2025) — The East African Community (EAC) has taken a significant step toward enhancing cross-border payments with the regional validation of the Draft EAC Cross-Border Payment System Masterplan. The validation was confirmed during the EAC Regional Payment Systems Steering Committee meeting in Mombasa from March 17-21, 2025.
The Masterplan is designed to address several key challenges facing the region’s payment systems, including fragmented regulations, high transaction costs, and limited interoperability between national payment systems. By focusing on modernizing infrastructure and improving connectivity, the initiative aims to make payments across East Africa faster, more secure, and cost-effective.
At the heart of the Masterplan is the goal to create a seamless and integrated payment environment that can support economic growth and promote financial inclusion across the region. The project envisions a future where individuals, businesses, and financial institutions can easily conduct cross-border transactions, facilitating smoother trade and investment.
Mr. Michael Eganza, Chairperson of the Steering Committee and Director of Banking and Payment Services at the Central Bank of Kenya, highlighted the importance of the Masterplan in transforming East Africa’s payment systems.
“By implementing the Masterplan, we are laying the groundwork for a financial ecosystem that is not only cost-effective but also inclusive,” Eganza said.
Mr. Aime Uwase, the EAC Director of Planning, further emphasized how vital an efficient payment system is to driving economic collaboration and growth within the region. He explained that the Masterplan would significantly contribute to regional trade and investment by creating a more reliable and efficient payments framework.
The plan was developed following extensive consultations with the Central Banks of EAC Partner States and reflects a shared commitment to modernizing the region’s financial infrastructure. The Masterplan also proposes the adoption of international standards, such as ISO 20022, for standardized messaging between financial institutions, and explores the potential for Central Bank Digital Currencies (CBDCs) to enhance regional transactions.
By addressing the technical, regulatory, and infrastructure challenges that currently hamper cross-border payments, the Masterplan is expected to improve efficiency and reduce costs for businesses and consumers alike. The initiative is also seen as a key driver of the EAC’s long-term goal of deeper economic integration, where financial systems across the region are fully interconnected, contributing to a more unified economic space.
The rollout of the Masterplan will be carried out in stages, with each phase focused on strengthening the region’s payment ecosystem, fostering interoperability, and enhancing financial inclusion. As the project progresses, it is expected to play a significant role in the broader effort to integrate digital economies across the East African region, ultimately positioning East Africa as a leader in innovative, cross-border payment solutions.
With backing from key policymakers and international development partners, the EAC Cross-Border Payment System Masterplan is set to drive economic growth, improve financial access, and establish a more efficient and inclusive payments network across East Africa.
