The Central Bank of Kenya (CBK) is set to launch a new Fast Payment System (FPS) that aims to streamline financial transactions across the country.
The FPS will allow Kenyans to send and receive money instantly, regardless of their banking institution.
According to CBK, this groundbreaking system is designed to address the existing interoperability challenges between different payment systems.
The system will enable users to make various transactions, including bill payments and money transfers, with greater ease and efficiency.
While the CBK has not yet announced a specific launch date, the FPS is expected to replace the existing Pesalink system, which was introduced in 2015 to facilitate electronic transactions among Kenyan banks and other financial institutions.
However, reports state that Pesalink lacks a dedicated segment for utility payments, and its future role remains uncertain.
The development of the FPS is a result of extensive collaboration between the CBK and key industry stakeholders.
The CBK envisions the FPS as a system that will integrate various payment services, providing customers with a seamless and convenient experience.
The successful implementation of the FPS is expected to have a significant positive impact on the Kenyan economy, by enhancing financial inclusion and facilitating faster and more efficient transactions.
