Kenya: A new payment strategy to boost the cash transfer process

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Nairobi — The Central Bank of Kenya on Wednesday launched the National Payments Strategy 2022-2025 whose framework aims to improve the money transfer process in Kenya.

The bank’s Director of Banking and Payments, Michael Eganza, who spoke at the event, highlighted the importance of mobile payments in retail, noting that there is a flattening or simultaneous drop in check and card payments.

“This strategy will define the vision and strategic goal for the National Payments System over the next four years. Payments are very important in facilitating economic activities and they support livelihoods in commercial enterprises,” Eganza said.

He recognized the innovation of new technologies that provide cash on delivery and saw a big shift from traditional players to non-banking players.

“There has been an increase in e-commerce leading to an increase in digital payments as it is not needed to purchase items. Ninety-nine percent of transactions in Kenya are through payments mobile,” he said.

CBKG Governor Patrick Njoroge noted that the newly launched strategy will also facilitate economic development by ensuring that there is a payment system that supports financial insights to ensure fast, secure and collaborative systems.

“We have come a long way. Paper helps us to do things on the spot. This launch gives us a good opportunity to remember how modernized we are and we have been very helpful in this process. The wise management took this from us. This will improve e-commerce globally, it will improve infrastructure and service delivery to Kenyans,” added Julius Muya, Principal Secretary of the National Treasury.

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