Kenya’s central bank plans instant payment system across all banks and fintechs
- Central Bank of Kenya is developing a new instant payment system called the Fast Payment System (FPS).
- FPS will allow instant transactions across all financial institutions, including banks and payment service providers.
- The FPS aims to fix interoperability issues in Kenya's payment systems.
The development of the Fast Payment System by the CBK represents a significant step towards modernizing Kenya's financial infrastructure. By addressing interoperability issues, FPS could enhance financial inclusion and economic activity. However, it will be crucial to monitor how existing systems like Pesalink adapt to this new landscape.
