VENTURES AFRICA – Rwanda has joined 3 other
East African Community (EAC) countries on the East African Payments
System (EAPS), which was designed to further integrate the region and
provide a flexible payment option in line with easing the hassles
associated with doing business in the region.
“This system comes as a means of reducing dependence on hard
currencies and the cost associated with foreign exchange transaction,”
said John Rwangombwa, the Governor of the National Bank of Rwanda (BNR),
during a press briefing in Kigali.
Rwangombwa added that the system is aimed at increasing efficiency
and facilitating cross border transaction, which he noted, is essential
for boosting intra-regional trade among East African Countries. “This is
aimed at speeding up doing business in the EAC region.”
EAPS to boost regional integration
The EAPS is a Real Time Gross Settlement System (RTGS) in the
region and a multi-currency system in which payments are carried out
using any currency of the EAC partner states. This is one of the
multiple efforts aimed at EAC Payment modernization efforts and driven
by the EAC Central Bank Governors so as to enhance cross border payments
across the EAC region. Leaders of the EAC states believe this is
another step that can promote regional trading, ease the overall cost of
doing business and further position the region for more investments and
development.
Mr Rwangombwa urged the public to patronize the new cross border
payment system and experience the numerous benefits which also include
safety and efficiency, and of course, heightened regional trading. He
asserted that the system would reduce exchange losses involved in
transactions.
The EAC continues to lead the rest of Africa in its regional
integration drive. With a single visa, a single area network, enhanced
interconnectivity between states via roads and other infrastructure, and
now, a synchronized payments system, the community provides an
excellent model of what a fully harmonized region should resemble.
Rwanda also gets new notes
Rwanda has also introduced two new currency notes of the 2000 and
5000 denominations. This was announced by Rwangombwa adding that the
issuance of the new notes would come after the presidential decree was
duly gazetted. The cabinet had already approved the move last month.
“These are actually not new notes since we just changed few
features on them and they will be working hand in hand with the existing
ones. The security features on the new banknotes will be strengthened
to reduce counterfeits, but the designs of the two banknotes will remain
unchanged. The new notes will not have the French language on them but
are very user friendly for everyone,” Rwangombwa said.
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