Safaricom and KBA Unite for Kenya’s Payment System Transformation
- Safaricom and the Kenya Bankers Association propose elevating Pesalink to Kenya's primary fast payment system.
- Pesalink currently processes digital transactions worth $8.5 billion.
- Creating a new fast payment system would cost approximately $200 million and take four years.
The proposal to enhance Pesalink represents a significant step towards modernizing Kenya's financial infrastructure. By consolidating payment systems, it not only addresses current inefficiencies but also positions Kenya as a leader in digital payment solutions in Africa. However, the successful implementation will depend on overcoming technical challenges and ensuring broad stakeholder support.
