The East African Government on Sunday, February 3, officially released a common currency for its members in the East African Community (EAC). 

EAC which comprises Kenya, Uganda, Tanzania, Rwanda, Burundi, the Democratic Republic of Congo and South Sudan is expected to start using the currency that will be known as East African Sheafra (SHF).

Last month on February 3, EAC leaders made a historic milestone announcement, heralding a new era of economic integration within the East African Community (EAC). The landmark move saw the countries officially unveil a common currency, the East African Sheafra (SHF).

During the unveiling of the SHEAFRA, the leadership of the EAC explained that a common currency was aimed at fostering cohesion and economic growth among the member states.

The East African Community (EAC) is a regional intergovernmental organization made up of seven (7) Partner States. These comprise of Burundi, the Democratic Republic of Congo, Kenya, Rwanda, South Sudan, Tanzania, and Uganda.

The Federal Republic of Somalia is in the process of becoming a full member of the Community after its admission into the EAC bloc on 24th November 2023.

The headquarters of the EAC is in Arusha, Tanzania.