The early years of the seven-year California Gold Rush draw similarities to Kenya’s new fast payment system (FPS) contract scramble. Just as hopeful miners flooded California during the Gold Rush, fintechs, banks, and tech firms are now rushing to claim their share of Kenya’s digital payments sector.
Nigeria Inter-Bank Settlement Scheme (NIBSS) is vying for a role in Kenya’s digital payments sector, partnering with a Kenyan payments software provider named Ceva. With its reputation in Nigeria, NIBSS aims to be a key player in Kenya’s digital payment landscape.
While the potential of NIBSS as a payment infrastructure provider for another country is uncertain, its history of technological advancements and challenges in Nigeria may influence its bid for Kenya’s FPS contract.
Despite past downtimes, NIBSS has made improvements, enhancing its stability and service availability. These upgrades could position NIBSS as a reliable technology provider for Kenya’s digital payment system.
However, NIBSS and its partner, Ceva, face opposition from Safaricom and the Kenya Bankers Association in their bid for the FPS contract. The decision ultimately lies with the Central Bank of Kenya, determining the future of Kenya’s digital payment ecosystem.