Safaricom and the Kenya Bankers Association are advocating for Pesalink to be established as the primary fast payment system in Kenya. They propose leveraging Pesalink’s existing infrastructure to create a unified system that caters to various payment platforms, including banks, mobile money operators, and fintech companies. This initiative aims to address the fragmented nature of Kenya’s current payment landscape and enhance interoperability.
The proposal suggests that upgrading Pesalink is a more cost-effective and efficient solution compared to developing a new payment system from scratch. However, it acknowledges the need for significant enhancements to Pesalink to support a higher volume of transactions and ensure seamless integration across all platforms.
While alternative models exist, such as employing multiple private switches overseen by a centralized regulator, Safaricom and KBA argue that a more integrated approach will promote a thriving digital economy in Kenya. They emphasize the importance of simplifying regulatory oversight and improving service quality through a unified payments ecosystem.
Although the Central Bank of Kenya has yet to make a decision on the proposed upgrade, there is strong advocacy for modernizing the existing payment infrastructure. If approved, Pesalink would undergo substantial upgrades to accommodate complex transactions and facilitate cross-platform payments. This vision aligns with the goal of establishing a unified and interoperable payments system in Kenya.