Kenya has successfully transitioned its Real-Time Gross Settlement (RTGS) system to the ISO20022 Global Messaging Standard in a major stride towards modernising its financial landscape.
The Central Bank of Kenya (CBK) announced the milestone today, marking a vital upgrade for the Kenya Electronic Payment and Settlement System (KEPSS), which handles large-value and time-sensitive payments across the country.
With over Sh45 trillion in local currency transactions processed between August 2023 and August 2024, KEPSS plays a critical role in the nation’s financial infrastructure.
This shift to ISO20022 promises faster settlements, more efficient processing, and enhanced liquidity management for financial institutions, while also simplifying cross-border transactions by aligning Kenya with global standards.
“The migration of KEPSS to ISO20022 not only modernises our system but also enhances the security, speed, and convenience of payments for businesses and individuals alike,” CBK stated.
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The new messaging format is set to improve fraud detection, strengthen security measures, and simplify the payment process.
This update is part of CBK’s broader National Payments Strategy 2022-2025, aiming to position Kenya as a competitive global financial hub.
By adopting the same standard as major economies worldwide, Kenya is poised to attract more international business while offering seamless transactions for its citizens.
CBK has instructed banks to communicate the changes to their customers and provide necessary support, ensuring a smooth transition without disrupting services.
The Central Bank remains dedicated to advancing Kenya’s payments infrastructure, striving to meet the dynamic needs of the economy.
As Kenya steps onto the global stage with ISO20022, it reinforces its role as a leader in digital financial systems within the region and beyond.
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