Govt Advances Plans for Mobile Payment System to Rival M-Pesa​

The Kenya Kwanza administration is advancing plans to establish a faster and more interoperable payment system to rival Safaricom’s popular mobile money platform, M-Pesa.

The National Treasury announced its commitment to implementing the National Payment Strategy (2022-2025) while expediting the finalization of a National Policy on Digital Finance. This initiative aims to modernize Kenya’s payment ecosystem and address challenges in accessibility and affordability.

The Central Bank of Kenya (CBK), in collaboration with industry stakeholders, is spearheading efforts to launch a fast payment system. This system will enable seamless interoperability between retail payment services offered by banks and non-bank providers, fostering a more inclusive financial ecosystem.

According to the Treasury, the CBK is currently establishing a governance framework for the project and evaluating technological infrastructure options to ensure the system is efficient and robust. The new payment infrastructure, aligned with global best practices, will be developed as digital public infrastructure through a public-private partnership model.

Treasury officials expect this approach to make financial services more affordable, promote payment innovation, enhance financial inclusion, and strengthen oversight of the national payments system.

Kenya’s reliance on mobile money continues to grow, with transactions rising by 13.2% in the first nine months of 2024. Data from the Kenya Bureau of Statistics shows that Kenyans moved Sh6.5 trillion via mobile money platforms during this period, up from Sh5.8 trillion in 2023.

While M-Pesa has revolutionized financial transactions, its dominance has sparked concerns about competition. The government’s push for a more interoperable payment system aims to level the playing field, allowing fair competition while improving financial access for all users.

The post Govt Advances Plans for Mobile Payment System to Rival M-Pesa appeared first on Nairobi Wire.

Releated Posts

Violence Escalates in Haiti: Joint Forces Suffer Fatal Blow in Kenscoff Ambush

In a tragic turn of events, a joint operation between Kenyan police and Haitian forces faced a deadly…

ByByHamisi WilliamApr 21, 2025

China Hosts World’s First Humanoid Robot Half Marathon in Beijing XINHUA

BEIJING, April 21 (Xinhua) — The sound of starter pistols on Saturday morning marked a historic moment on…

ByByHamisi WilliamApr 21, 2025

Ruto: ‘Ruto Must Go’ Chants Are Just Political Noise, Not a Concern

President William Ruto has  trivialized the viral “Ruto Must Go” chants, describing them as a recurring part of…

ByByHamisi WilliamApr 14, 2025

Kenyan Twitter’s Hilarious Tweets on X to Beat the Monday Blues

Kick off your week on a lighter note by exploring the hilarious world of Kenyan Twitter. We’ve curated…

ByByHamisi WilliamApr 14, 2025

Leave a Reply

Your email address will not be published. Required fields are marked *