JUST IN: CBK Modernizes Kenya’s Payment System, Directs Banks to Prepare for Transition 

  The Central Bank of Kenya (CBK) has initiated a transition from the Kenya Electronic Payment and Settlement System (KEPSS) to the globally recognized ISO 20022 Standard. In its announcement, CBK emphasized that KEPSS, Kenya’s Real-Time Gross Settlement (RTGS) system, plays a crucial role in facilitating large-value and time-sensitive payments. “KEPSS is the backbone of Kenya’s domestic and regional payment transactions,” the bank stated, highlighting its significance in supporting critical financial operations. However, this new international open framework for financial messaging is being adopted by financial institutions around the world. Last month, CBK directed banks and microfinance institutions to commence testing
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