The Central Bank of Kenya is set to review the National Payments Strategies (NPS) Act of 2011 and the NPS Regulation of 2014 to enable developments enhancement of the digital payments ecosystem.
Central Bank of Kenya Governor Patrick Njoroge says the space is changing quickly and that future payment systems must keep up with e-commerce.
The government is currently using digital platforms such as the Integrated Financial Management Information System-IFMIS, the Government Human Resource Information System, the Integrated Payroll and Personnel Database, and the Kenya Revenue Authority’s online tax filing system, known as i-Tax to facilitate cash payments.
Read: CBK Invites Public Comments on Potential Development of Digital Currency
However, a review of the draft National Payments Strategy reveals that Kenya’s Central Bank is preparing for a future in digital payments. The planned Central Bank Digital Currency has been hailed as a game-changer that will aid in the expansion of financial inclusion.
Principal Secretary of the National Treasury, Dr. Julius Muia, argues that digital payments still face rising hazards such as fraud, which the country must address.
Statistics by the CBK show that about 4.6 trillion shillings was transacted through mobile money platforms between January and November last year.
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