The CBK just launched the National Payments Strategy 2022-2025.
It is an 85 page report and here are our key takeaways:
1. The aim of the strategy:
"...to provide a framework to guide the current and future of payment services anchored on the Vision Statement – a secure, fast, efficient and collaborative payments system that supports financial inclusion and innovations that benefit Kenyans"
2. This is a lovely summary of the Kenya's National Payments Landscape:
3. Payment Instruments in Kenya
4. The CBK does acknowledge crypto as one of the changes happening in the Global Payments Landscape:
5. Types of money:
6. They include a small intro to CBDCs and how one would work in Kenya:
7. There is a section on remittances:
"CBK plans to implement a range of measures to facilitate even more sustainable growth of remittances in Kenya, and ensure that remittance activities become cheaper, faster, secure and more transparent"
8. This focus on reducing sending money within the EAC is very good.
Btw, the cost of diaspora remittances from Tanzania to Kenya and Uganda is among the highest in Africa.
9. Higher digital adoption in Kenya has meant that there have been fewer cheques and currency in circulation as %age of GDP:
10. RTGS, mobile money and Point of sale and card transactions have been increasing.
11. Kenya's payment journey in one chart:
12. Here are the things they want to achieve under this plan:
13. Good to know:
14. Full report: centralbank.go.ke/wp-content/upl…
Enjoy!
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