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EAC flags fake single currency notes circulated on social media

An illustration of the 'East African Sheafra Money' which the East African Community secretariat has dismissed as fake. (Photo: EAC)

By Manny Anyango | Monday, March 4, 2024

"Kindly ignore any rumours circulating in social media on the unveiling of new banknotes for the region," the EAC said.

The East African Community secretariat has flagged fake single currency notes doing rounds on social media and in a section of media posts.

Through its official account, the EAC secretariat admitted the journey to creating a single currency for the community is still in progress but dismissed as fake the "East African Sheafra Money" circulating on social media.

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“The EAC Secretariat wishes to inform all our stakeholders that the Partner States' journey to a single currency is still a work in progress,” part of the statement noted.

“Kindly ignore any rumours circulating in social media on the unveiling of new banknotes for the region.”

The clarification comes just hours after the X account of 'Government of East Africa' (@EastAfricaGov) with a grey government checkmark posted a ‘five East African Sheafra’ on its X account and captioned “The East African Sheafra of SHF.5 Currency Note of fuv5 has finally Landed,” adding that the currency remains in English.

“The world is moving in a Clockwise movement not an Anticlockwise movement, Times of Swahili will soon Expire.”

In another series of X posts, the account revealed that the East African Community Interrulling Party Union (EACIPU) will be meeting heads of state over the matter.

“Let us appreciate the work of our heads of state…we have 6 Denominations, 5, 10, 20, 50, 100, and SHF.200 as the biggest East African Sheafra Note.”

The account had on Sunday replied to President William Ruto’s post. The head of state had congratulated Benson Kipruto for a Marathon win.

“We would award them with East African Sheafra Money, but they are still in Specimen,” the account replied.

The EAC comprises Kenya, Uganda, Tanzania, Rwanda, Burundi, the Democratic Republic of Congo, and South Sudan.

In January 2020, the EAC announced Plans to put in place an East African single currency by 2024, as outlined in the EAC Monetary Union Protocol.

The then EAC Secretary General Liberat Mfumukeko said that the Bill for the establishment of the East African Monetary Institute (EAMI) had already been assented to by the Summit of Heads of State.

“The establishment of this institute will help to provide impetus towards the formation of the East African Monetary Union, which is the third pillar of our integration,” said

Mfumukeko.

Further, Mfumukeko noted that the Council of Ministers had approved the EAC Domestic Tax Harmonization Policy.

“ The proper implementation of the policy would reduce tax competition thereby enhancing cross-border trade and investment in the region.”