Central Bank of Kenya plans to launch an instant, interoperable Fast Payment System for all banks by February 2024.

The Central Bank of Kenya (CBK) plans to launch a Fast Payment System (FPS) by February 2024, enabling instant transactions across all financial institutions. This interoperable system will allow users to send and receive money regardless of their bank, addressing current challenges like costly arrangements and limited connectivity. The FPS aims to enhance financial access and stimulate economic activity, aligning with global standards and practices.

October 18, 2024
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