Kenya’s Fast Payment System: NIBSS and Ceva Vie for Strategic Role Amid Local Opposition
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Nigeria’s Interbank Settlement System (NIBSS) and its Kenyan partner, Ceva Limited, are actively pursuing a major contract to develop Kenya’s next-generation Fast Payment System (FPS) and national digital ID framework. Their efforts, which include direct lobbying of President William Ruto, highlight the increasing attention on Kenya’s financial infrastructure upgrade.
NIBSS and Ceva Push for a Pan-African Payment Network
A letter from Ceva, signed by Managing Director Yatin Mehta, formally requested a meeting with President Ruto on March 20th or 21st, 2025, to introduce NIBSS as a strategic partner. The proposed meeting would include NIBSS CEO Premier Oiwoh, Partnerships Head Yvonne Ige, Mehta, and Webmasters Kenya Ltd. Director David Kiprono—a key figure in Kenya’s e-Citizen platform.
Ceva, an international payments firm with operations in India, Nigeria, Kenya, and Brazil, claims to process $40 billion annually. The company’s pitch emphasizes a “Built in Africa, for Africa” approach, positioning NIBSS’ AfriGo card system as a homegrown alternative to global payment networks like Visa and Mastercard.
Resistance from Local Financial Giants
However, not everyone is on board. Kenya’s financial sector heavyweights, including Safaricom and the Kenya Bankers Association (KBA), are pushing back. They argue that instead of building an entirely new FPS, the government should enhance PesaLink, Kenya’s existing bank-to-bank payment system that currently processes $8.5 billion annually.
According to these stakeholders, a new FPS could cost up to $200 million and take four years to implement, whereas upgrading PesaLink would be a more cost-effective and timely solution.
CBK Holds the Final Decision
The Central Bank of Kenya (CBK) has yet to announce a final decision on whether to move forward with the NIBSS-Ceva proposal or support the PesaLink upgrade. The outcome could reshape Kenya’s digital payment ecosystem, impacting interoperability among banks, SACCOS, mobile money platforms like M-Pesa, and fintech firms.
If NIBSS and Ceva succeed, their African-built payment infrastructure could integrate seamlessly across the region, fostering greater financial inclusion and independence. But if Safaricom and the KBA prevail, Kenya may opt for an incremental enhancement rather than a full-scale transformation.
For now, the fate of Kenya’s payment future lies in CBK’s hands.
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