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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