Uganda has officially joined as a member of the Common Market for East and Central Africa’s (COMESA) Regional Payment and Settlement System (REPSS).
The electronic payment solution will enable quick and safe transfer of funds from one COMESA member country to another through their central banks.
Go deeper with GlobalData
Additionally, REPSS will reduce the amount of time taken from an average of three -five days, to just 24 hours to transfer money from one COMESA country to another.
COMESA said that the system currently supports only the US Dollar and the Euro.
Bank of Uganda governor, professor Emmanuel Tumesiime-Mutebile, said: "REPSS compliments other payment solutions existing in the region and will help to integrate payment platforms to achieve the COMESA vision of Economic Integration."
The payment solution was launched in 2012 in four other countries including Rwanda, Mauritius, Malawi and Swaziland.
Furthermore, Kenya said that it will adopt the electronic payment solution by April this year.
