Markets

Kenya Successfully Migrates Electronic Payment System to Global Standard

According to the CBK, the transition to ISO20022 provides key benefits, including faster settlement times, more streamlined processing, and improved liquidity management for financial institutions.

October 15, 2024
658 1 minute read
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The Central Bank of Kenya (CBK) has successfully completed the migration of the Kenya Electronic Payment and Settlement System (KEPSS) to the ISO20022 Global Messaging Standard, a milestone in the modernization of Kenya’s National Payment System.

KEPSS, which is Kenya’s Real-Time Gross Settlement (RTGS) system, is operated by the CBK to process large-scale and time-critical payments, forming the backbone of domestic and regional transactions.

According to the CBK, the transition to ISO20022 provides key benefits, including faster settlement times, more streamlined processing, and improved liquidity management for financial institutions.

During the migration period, spanning from August 2023 to August 2024, KEPSS processed over 5.3 million transactions valued at Ksh.45 trillion in local currency.

ISO20022 is rapidly becoming the global standard for financial messaging, enhancing the complexity and security of payments.

Also Read: CBK Authorizes JPMorgan Chase Bank to Open Representative Office in Nairobi

The standard’s rich data formats will support the monitoring and prevention of fraud and illicit transactions. Additionally, the improved interoperability between domestic and international payment systems is expected to facilitate smoother cross-border transactions, ultimately increasing the ease of doing business globally.

The successful adoption of ISO20022 places Kenya among a select group of countries and regions that have embraced the new messaging standard, reinforcing its position as a leading and competitive destination for financial services.

The transition also aligns with Kenya’s modernization efforts under the National Payments Strategy 2022-2025.

“The migration of KEPSS to ISO20022 Standard is a significant achievement that showcases Kenya’s commitment to adopting international best practices in financial messaging,” said CBK in the statement.

“This milestone will greatly enhance the convenience, speed, and security of payments for corporates and customers alike.”

CBK has directed banks and other financial institutions to inform customers and provide support to ensure a seamless transition to the new system.

The shift to ISO20022 is expected to further Kenya’s long-term goal of becoming a global financial hub.

October 15, 2024
658 1 minute read
Monitor Your Business Transaction
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Lawrence Baraza

Lawrence Baraza is a dynamic journalist currently overseeing content at Metropol TV Digital. With a keen focus on business news and analytics, Lawrence guides the platform in delivering insightful, data-driven content that empowers its audience to make informed decisions. Lawrence’s commitment to quality and his ability to anticipate market trends make him a key figure in the digital media landscape. His work continues to shape the way business news is consumed, making a significant impact in the field.

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