Nigeria’s Interbank Settlement System (NIBBS) and Kenyan payments software provider Ceva Limited are making efforts to engage with Kenyan officials to participate in the development of Kenya’s new Fast Payment System (FPS) and national digital ID program. This move is part of a larger competition for a significant financial project in Kenya.
Ceva Limited, in a letter to Kenyan authorities, expressed interest in introducing NIBBS as its strategic partner for the construction of the country’s new payment infrastructure. The letter proposed a meeting to discuss this collaboration and highlighted NIBBS’ capabilities in ensuring seamless interoperability across various payment platforms.
NIBBS, a national switch and payment infrastructure in Nigeria, is backed by the Central Bank of Nigeria and licensed banks. Ceva Limited, operating in multiple countries, emphasized the suitability of NIBBS for the Kenyan project due to its track record and expertise in processing transactions.
While local mobile money operators and commercial banks in Kenya have been advocating for the upgrade of Pesalink instead of building a new FPS from scratch, international firms like NIBBS and Ceva are vying for the lucrative contract. The Central Bank of Kenya is yet to make a decision on the proposed FPS upgrade, but there is considerable lobbying from different entities for this project.