To promote advancements in the digital payments ecosystem, the Central Bank of Kenya (CBK) has launched the National Payments Strategy for 2022-25.
CBK Governor Patrick Njoroge believes the space is changing quickly and that future payment techniques must keep up with e-commerce.
The government currently provides cash services through digital platforms such as the Integrated Financial Management Information System-IFMIS, the Government Human Resource Information System, the Integrated Payroll and Personnel Database, and the Kenya Revenue Authority’s online tax filing system, i-Tax.
A examination of the proposed National Payments Strategy, on the other hand, reveals that the Central Bank of Kenya is positioning itself for the digital payments future.
According to Dr. Julius Muia, Principal Secretary of the National Treasury, digital payments continue to confront increased threats such as fraud, which the country must address.
The planned Central Bank Digital Currency has been hailed as an innovation that would aid in the expansion of financial inclusion.
The launch was attended by among others, governors of African central banks led by their chair hair of the African Association of Central Banks, Malangu Kabedi , Agustin Carsten, the General Manager of the Bank of International Settlements and other dignitiaries.
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