Members of the East African Legislative Assembly (EALA) Accounts Committee started a five-day oversight exercise in Uganda to assess how the region’s integrated payment and settlement systems are implemented and whether they are delivering faster, safer and more affordable cross-border transactions. The exercise, which runs from September 21 to 25, will also examine how the systems can improve transparency, accountability and traceability in the management of public resources across the East African Community (EAC). ALSO READ: Rwandan lawmaker to head regional anti-corruption network The committee will assess institutional, regulatory, technological and operational arrangements supporting the integration, while identifying challenges that could slow its implementation across EAC Partner States. Clement Musangabatware, a Rwandan member of EALA, said an integrated regional payment system would have benefits beyond facilitating financial transactions, including supporting trade, investment and financial inclusion. “EAC Payment and Settlement Systems Integration is important because it can make cross-border payments faster, safer, more affordable and transparent, thereby facilitating intra-EAC trade, investment and financial inclusion,” Musangabatware said. He added that the system could also strengthen public financial management by improving accountability and the traceability of public funds. ALSO READ: EAC states need collective action against corruption The committee’s oversight comes as EAC countries seek to deepen regional economic integration by reducing barriers to cross-border trade and making transactions between Partner States more efficient. During the exercise, legislators are expected to examine issues including interoperability, transaction costs, processing times, regulatory coordination and financial integrity. They will also look at the practical benefits of integrated payment systems for governments, businesses and citizens, including whether they can make cross-border payments more accessible and affordable. Before the official programme began, the delegation paid a courtesy call on Rebecca Alitwala Kadaga, Uganda’s Deputy Prime Minister and Minister for East African Community Affairs, where discussions focused on the role of regional payment systems in supporting cross-border transactions, trade and investment. ALSO READ: Women dominate as Rwanda votes EALA legislators Musangabatware said parliamentary oversight was necessary to establish whether the regional integration initiative is being implemented effectively and whether resources invested in it are delivering value. “The EALA Accounts Committee oversight is important to assess actual implementation, identify regulatory, technological and operational challenges, examine value for money and accountability, and identify best practices among Partner States,” he said. The committee is also expected to compare progress among Partner States and identify approaches that could be replicated across the region. At the end of the exercise, members are expected to prepare evidence-based recommendations addressing gaps identified during the oversight. The findings will feed into the committee’s oversight report and recommendations to relevant EAC organs and Partner States. Musangabatware said the exercise should help ensure that the regional payment system produces practical benefits for governments, businesses and citizens.
