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In a significant step towards modernizing Kenya’s financial infrastructure, the Central Bank of Kenya (CBK) has successfully migrated the national payment system to the ISO20022 messaging standard. This upgrade is expected to enhance the speed, security, efficiency, and convenience of financial transactions for institutions across the country.
The transition to ISO20022 will standardize Kenya’s Electronic Payment and Settlement System (KEPSS), the nation’s Real-Time Gross Settlement System (RTGS), positioning it to seamlessly handle international transactions and improve liquidity management. This global standard will also facilitate the interoperability of payment systems and ensure more streamlined cross-border transactions.
Between August 2023 and August 2024, KEPSS processed over 5.3 million local payments, totaling more than Ksh. 45 trillion. The migration to ISO20022 is expected to further increase the system’s efficiency, enabling faster and more secure processing of transactions.
The move is part of CBK’s broader National Payments Strategy for 2022-2025, which also includes plans to migrate the Cheque Clearing House to the ISO20022 standard. This comprehensive approach is aimed at strengthening Kenya’s payment infrastructure, supporting financial inclusion, and enhancing the country’s role in the global financial ecosystem.
By adopting ISO20022, Kenya aligns itself with international best practices, ensuring its payment systems are future-proof and capable of supporting a growing digital economy.
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