The government has fast-tracked the creation of a mobile payment system that will allow Kenyans to send and receive money instantly, irrespective of the type of bank a customer belongs to.
The system known as a Fast-Payment System (FPS) is being developed by the Central Bank of Kenya (CBK) in collaboration with industry stakeholders and says it is working towards launching a fast payment system.
This system will enable seamless interoperability, which is the ability of computer systems or software to exchange and make use of information, between all retail payment services offered by both banks and non-bank providers.
President William Ruto's administration has argued that an inclusive payment system is crucial for Kenya, where mobile money has revolutionised financial transactions.
