The East African Community (EAC) has set 2031 as the target year for introducing a single currency, a significant step toward regional economic integration. This decision emerged from the 28th Ordinary Meeting of the EAC Monetary Affairs Committee (MAC), held in Mombasa on May 9, 2025, chaired by Central Bank of Kenya (CBK) Governor Kamau Thugge. Governors and senior officials from EAC partner states’ central banks reviewed progress on the revised roadmap for the East African Monetary Union (EAMU), noting substantial advancements in harmonizing monetary and exchange rate policies.

The meeting also approved the EAC Cross-Border Payment System (EAPS) Masterplan, designed to modernize and integrate payment systems across the region. The masterplan aims to make cross-border transactions more efficient, secure, affordable, and inclusive, fostering trade amid growing intra-EAC commerce, which reached $12.2 billion in 2023. Additionally, the committee emphasized climate risk awareness, urging member states to incorporate environmental considerations into financial policies to bolster economic resilience.

Despite global economic uncertainties, the EAC region’s GDP growth remained robust in 2024, driven by strong agricultural performance, with a projected 5.8% growth in 2025. The Kenyan shilling’s stability against regional currencies further underscores the region’s economic strength. However, challenges persist, including delays in selecting a host for the East African Monetary Institute, a precursor to a regional central bank.

The EAC’s commitment to a single currency and enhanced payment systems signals a bold push for economic unity, with potential to transform trade and investment across Kenya, Uganda, Tanzania, Rwanda, Burundi, South Sudan, and the Democratic Republic of Congo.