Regulatory Alerts2024-09-11
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Microfinance Banks Circular No. 1 of 2024 - Migration of Domestic High Value Payment System to ISO 20022 Standards
The Central Bank of Kenya is leading the migration of the domestic high-value payment system (KEPSS) to ISO 20022 standards. This initiative, a part of implementing the National Payment Strategy for 2022-2025, modernises Kenya's payments landscape, enhancing operational efficiency and improving data analytics capabilities. The transition includes a pilot phase from September 16-20, 2024, followed by a dress rehearsal phase on September 23-26, with the official launch set for September 30, 2024. The Central Bank will work closely with financial institutions to ensure a smooth migration process.
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