Kenya: Central Bank of Kenya (CBK) launches QR code system to boost digital payments

Democratized in the 2000s, the QR code has recently gained momentum with Covid-19, at the heart of the contactless economy. By implementing QR codes, Kenya joins the short list of African markets that have standardized their use to facilitate payments.

Kenyans will soon be able to pay for goods and services in shops and supermarkets by scanning a Quick Response (QR) code using their mobile devices. The Central Bank of Kenya (CBK) launched on Wednesday, May 3, the “Kenya Quick Response (KE-QR) Standard Code 2023” to boost digital payments, which are offered by the various payment service providers in the country.

« The payment system will provide Kenyans with additional secure payment solution methods, increasing usability and consumer adoption of digital payment channels ” said CBK Governor Dr. Patrick Njoroge.

The new QR code that is universal will be able to be scanned by the apps developed for this purpose, including the MPESA mobile wallet app and apps from banks such as Equity Bank and CBK. Merchants will have a QR code that works with the respective apps. The code will contain the merchant’s information such as the name of the company, the unique identifiers of the merchant’s payment service providers, the currency of the transaction, and the amount.

The launch of the KE-QR Code Standard 2023 is one of many initiatives by the CBK as part of its National Payment Strategy (2022-2025) to support the adoption of key standards and align Kenya’s national payment system with global best practices.

The effective implementation of the standard and the use of standardized payments by QR Code will allow customers to make digital payments in a simple, fast, convenient and secure way using the QR code unlike the manual entry used in the past. It will also foster financial inclusion by enabling institutions of different sizes and focused on customers to increase the adoption of digital payments.