THE STANDARD By
Frankline Sunday |
December 29th 2020 at 00:00:00 GMT +0300
CBK Governor Patrick Njoroge at a past press briefing. [File, Standard]
The government is pushing for interoperability among digital financial service providers to encourage the adoption of cashless transactions.
This is according to the latest Central Bank of Kenya (CBK) policy document detailing new proposals that could significantly affect banks, mobile telecommunication firms and financial technology firms (fintechs) operating in the country.
“Though the industry moved to enable interoperability of mobile wallets in 2018, this is limited to only person to person (P2P) payments, and is yet to be expanded to both merchant and agent interoperability and even to work seamlessly at P2P,” explains the CBK in the draft report dubbed Kenya National Payments System 2021-2025.