The Central Bank of Kenya (CBK) has recently become an active member of the African Payments and Settlement System (AfPAYSS), further solidifying Kenya’s position as a leading player in the African financial sector.
AfPAYSS is a regional payment system established with the aim of promoting efficient, safe, and low-cost payments across the continent. By joining AfPAYSS, the Central Bank of Kenya will gain access to a secure and reliable infrastructure that facilitates the seamless flow of payments between participating African countries.
Kenya’s inclusion in the AfPAYSS network strengthens its commitment to enhancing financial connectivity within Africa and fostering economic growth. The country has emerged as a leader in mobile payments and digital innovation, with services like M-Pesa revolutionizing the way Kenyans transact and participate in the formal financial ecosystem.
In a statement, the Governor of the Central Bank of Kenya, Dr. Patrick Njoroge, highlighted the importance of this collaboration, stating, “Joining the AfPAYSS network aligns with our goal of creating a robust financial system and fostering regional integration. It will enhance cross-border trade, investment, and financial inclusion, while also promoting strong governance and compliance practices.”
The move to join AfPAYSS comes at a time when Kenya is experiencing a significant increase in cross-border trade and investment. By leveraging this payment system, businesses in Kenya can facilitate faster, more secure, and cost-effective payments to their African counterparts. This will undoubtedly boost economic activities and foster stronger relationships between African countries.
Furthermore, the Central Bank of Kenya believes that the participation in AfPAYSS will enhance financial inclusion by providing a platform for broader access to financial services for both individuals and businesses. This will contribute to reducing poverty and promoting sustainable economic development across the continent.
The Central Bank of Kenya’s involvement in AfPAYSS is a progressive step towards a more interconnected and integrated African financial ecosystem. Collaborations like these are crucial to overcome the challenges hindering seamless payments and settlements within the continent.
As the African Payments and Settlement System continues to expand its network and capabilities, the Central Bank of Kenya’s involvement will undoubtedly play a pivotal role in shaping the future of regional finance and promoting economic development in Africa.