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In a bid to revitalize East Africa economy, economic experts suggest that the East Africa Community (EAC) is considering the introduction of a common currency, tentatively named SHEAFRA (Shilling of East Africa and Franc). The legal tender, abbreviated as Shf, is anticipated to address economic challenges. Originally slated for a 2024 launch, the plan was postponed to 2027 during a January 2023 EAC meeting at Maanzoni Lodge in Machakos County, where Central Bank Governors from member states convened.
During a five-day retreat at the same venue, EAC Secretary General Peter Mathuki mentioned on January 12, 2023, that the Council of Ministers aims to decide on the East African Monetary Institute’s location by late 2023 or early 2024. This institute will precede the establishment of the East African Central Bank and will be responsible for issuing the envisioned single currency for the EAC.
Currently, East African countries utilize different currencies, with Kenya, Uganda, and Tanzania employing Shillings, the Democratic Republic of Congo, Rwanda, and Burundi using Franc, and South Sudan utilizing Pounds. Additionally, Somalia and Ethiopia, expected to join the EAC, have their respective currencies: Somalia Shillings (SOS) and Ethiopia Birr (ETB).
Countries in East Africa Community are using different currency, Kenya , Uganda & Tanzania are using Shillings, Democratic Republic of Congo, Rwanda & Burundi are using Franc while South Sudan are using Pounds
Kenya – Kenya Shillings (KSH)
Tanzania – Tanzania Shillings (TSH)
Uganda – Uganda Shillings (USH)
South Sudan – South Sudanese Pounds (SSP)
Rwanda – Rwanda Franc (RWF)
Burundi – Burundi Franc (BIF)
Democratic Republic of Congo – Congolese Franc (CDF)
Countries that is set to join EAC in near future, Somalia and Ethiopia currency
Somalia – Somalia Shillings (SOS)
Ethiopia – Ethiopia Birr (ETB)
The suggested currency for the East African Community (EAC) is named SHEAFRA, combining SH for Shillings, EA for East Africa, and FRA for Franc.
