CBK KICK OFF MIGRATION OF DOMESTIC HIGH VALUE PAYMENT SYSTEM TO ISO 20022 STANDARDS

The Central Bank of Kenya (CBK) has kick start the migration of the Kenya Electronic Payment and Settlement System (KEPSS) to the ISO 20022 standards. KEPSS is Kenya’s payment system for high value and time critical domestic payment.

The migration is being done so as to modernize the National Payment System to a world class standard. It is anticipated that after the migration process is complete on 30^th September 2024, the exchange of financial messages will be enhanced through operation efficiency and delivery of richer usable data for analytics.

In circulars dated 11^th September 2024 addressed to all chief executives of commercial banks and micro finance banks, the CBK disclosed the below migration plan that is intend to enhance Kenyan’s payment landscape.

1. PILOT PHASE: – expected to run from today 16^th September 2024 to 20^th September 2024 in which phase participants will validate operational readiness while focusing on aligning technical interfaces and procedures with the new standards.
2. DRESS REHEARSAL PHASE: – expected to run from 23^rd September 2024 to 26^th September 2024 in which there will be simulation of live operational conditions to confirm system readiness before the official launch.
3. GO-LIVE: – expected to take place on 30^th September 2024 on which DATE the RTGS system that is compliant with the ISO 20022 will be launched.

The CBK has undertaken to work closely with all financial institutions to ensure the migration is a success. We look forward to the new enhanced Kenyan payment system post 30^th September 2024.

For more information please contact us on info@aowangaadvocates.com or +254794600191

All rights reserved for A.O.WANGA ADVOCATES