CBK Proposes New Rules for Payment Providers, Fintechs and Digital Wallets

The National Treasury and the Central Bank of Kenya (CBK) have proposed a major overhaul of the country's payment system with a new draft bill. This bill imposes stricter requirements on consumer protection and data security for payment service providers. Electronic money issuers and digital wallet providers must hold all client balances in separate trust accounts. Heavy penalties are proposed for non-compliance, reaching up to Ksh30 million for repeat offenses.