The Central Bank of Kenya has upgraded its Kenya Electronic Payment and Settlement System (KEPSS) by migrating the platform to new ISO 20022 message standards. This is expected to improve the exchange of financial messages by inlaying richer data on transfers and enhancing the accuracy of vetting trading parties. The upgrade is part of the National Payment Strategy 2022-2025 and aims to modernise the National Payments System to world-class standards. KEPSS is a Real Time Gross Settlement System (RTGS) which offers real-time fund transfers and simple payment processes to support large value transfers between banks.
-
Kenya: Applications open for central bank governor, deputy
Kenya has opened applications for the positions of central bank governor and deputy governor, with the tenures of the current governor and one deputy ending in June. Interested candidates have until April 19 to apply, and the positions serve four-year terms, which can be renewed once.
Categories: Regulators -
Kenya: Ruto appoints deputy governor of central bank
Kenya’s President William Ruto has appointed Susan Koech, a former banker and senior government official, as the second deputy governor of the central bank, a role that has been unoccupied for over five years. The appointment comes ahead of the end of current Governor Patrick Njoroge and Deputy Governor Sheila M’mbijiwe’s terms in June, and legal experts have suggested that Koech could serve as acting governor if replacements have not been found by that point.
-
Kenya: Central Bank freezes interest hikes by private banks
The Central Bank of Kenya has put a hold on major banks’ request to increase loan costs for borrowers. Six out of nine tier-1 banks have yet to receive approval for their new loan pricing formulas, which will set interest rates when the government stops controlling loan costs. The freeze has protected most borrowers, particularly those in the informal sector.
-
Kenya: Central bank approves new digital lenders
The Central Bank of Kenya has approved 12 more digital credit providers, bringing the total number to 22. Some of the approved companies include Getcash Capital, Jumo Kenya, and M-Kopa Loan Kenya. The bank has received 381 applications and says more approvals will be granted once the remaining applicants submit the necessary documentation.