Safaricom, Kenyan banks claim Central Bank’s new payment system could cost $200m

Safaricom and Kenyan commercial banks claim the Central Bank’s (CBK) plan to build a fast payment system (FPS) could cost at least $200 million (KES25.9 billion) and take up to four years to complete. 

The FPS aims to enhance interoperability across the payments landscape and reduce transaction costs, but Safaricom and the Kenyan Bankers Association (KBA) argue that it could duplicate…