The document, titled Kenya National Payments System Vision and Strategy 2021 – 2025 and released in December 2020, stresses the regulator’s commitment to establishing a regulatory landscape that’s conducive to innovation, as well as embracing Open Banking and APIs, among other key areas of focus. In the document, the CBK says it will work to define standards for API development and mandate data portability with hopes that more options and innovative solutions will be made available for Kenya-based users to choose from.
These standards will include API specifications for identification, verification, and authentication; customer account information/data access; transaction initiation; and formats and coding languages for APIs. To address the risk associated with opening up data from financial institutions to third-parties, the CBK says it will ‘define clear risk management frameworks and standards, including providing clarity on liability and consumer protection’.
The central bank says the National Treasury and Planning is currently finalising a so-called Digital Finance Policy, which will be articulated around four main strategic objectives: developing an open infrastructure; ensuring consumer protection; installing proper financial system regulation, and nurturing future development.
The Paypers is the Netherlands-based leading independent source of news and intelligence for professional in the global payment community.
The Paypers provides a wide range of news and analysis products aimed at keeping the ecommerce, fintech, and payment professionals informed about the latest developments in the industry.
Current themes
No part of this site can be reproduced without explicit permission of The Paypers (v2.7).
Privacy Policy / Cookie Statement
Copyright