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Kenya's Central Bank to Launch Instant Payment System for Banks and Fintechs 🇰🇪
Kenya's Central Bank to Launch Instant Payment System for Banks and Fintechs 🇰🇪

Kenya's Central Bank to Launch Instant Payment System for Banks and Fintechs 🇰🇪

#banking
#fintech
#banking
#payments
Kenya is set to revolutionize its financial landscape with the introduction of a new Fast Payment System (FPS). This cutting-edge platform will ensure seamless transactions between banks and fintechs, eliminating existing barriers. The FPS promises to enhance accessibility, making financial services more convenient for all Kenyans.

The Central Bank of Kenya (CBK) is spearheading a transformative project to introduce a Fast Payment System (FPS), aimed at enabling instant transactions across all banks and fintechs. This system will solve long-standing interoperability issues, allowing Kenyans to pay bills, send money, and make other transactions effortlessly, regardless of their financial service provider.


  • Interoperability Issue: FPS will address the challenges that have prevented smooth communication between different payment systems, unlike current solutions like Pesalink, which is limited and lacks utility payments capabilities.
  • Collaborative Effort: Since February 2024, CBK has worked with industry players through a CBK-Industry Technical Working Group to develop this new system.
  • Key Benefits: FPS will promote faster payments, wider accessibility, and reduce the reliance on fragmented and costly systems. It will lay the foundation for an open and fully interoperable Digital Public Infrastructure (DPI).


By fostering faster financial services, FPS is expected to boost economic activity and expand access to essential services across Kenya 🚀.




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