Kenya: Newly Launched Payments Strategy Aimed at Boosting Cash Transfer Process

  • Posted on: 3 March 2022
  • Updated on: 3 March 2022
  • By: radmin

The Central Bank of Kenya Wednesday launched the National Payments Strategy 2022-2025 whose framework is aimed at improving the cash transfer process in Kenya.

The bank's Director of Banking and Payment ServicesMichael Eganza, who spoke during the event emphasized the importance of mobile payments in retail noting there is a concurrent flattening or decline in cheque and card payments.

"This Strategy will set out the vision and the strategic objective of the National payments system in the next four years. Payments are very important in facilitating economic activities and they support livelihoods in business enterprise," said Eganza.

He acknowledged the innovation of new technologies which provide payments in delivery and has seen a great shift from traditional actors to nonbank actors.

"There has been an increase in e-commerce causing an increase in digital payments as it doesn't need one to come out to buy items, ninety-nine percent of transactions in Kenya are through mobile payments," he said

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

"We have come from far from paper-Based helps us do thing on the spot. This launch is giving us a good opportunity to recall on how modernized we are and we have been very useful in this process. The wise leadership has taken us this far. This will improve e-commerce in the globe, it will improve infrastructure and service delivery to kenyans," Julius Muya principal secretary to the National Treasury added.

Source: All Africa