The Bank of Kenya has successfully migrated its Kenya Electronic Payment and Settlement System (KEPSS) to the ISO 20022 Global Messaging Standard. This transition is part of the Central Bank of Kenya’s (CBK) ongoing modernization of national payment systems, enhancing speed, security, efficiency, and convenience in financial transactions.
ISO 20022 will streamline KEPSS, Kenya’s Real-Time Gross Settlement System (RTGS), improving its ability to process both domestic and international transactions. From August 2023 to August 2024, KEPSS processed over 5.3 million local payments worth Ksh. 45 trillion. This migration is a key element of Kenya’s National Payments Strategy 2022-2025, with plans to extend ISO 20022 to the Cheque Clearing House.