Genesis Analytics has been awarded a contract by the Financial Sector Deepening Trust Kenya (FSD Kenya) to develop a channel migration strategy for a proposed person-to-person payments solution that would allow for a real-time, inter-bank money transfer service.
Currently the banking and mobile banking industry in Kenya is well developed and competitive. There have been significant advances in payment services for customers such as electronic fund transfers (EFTs) and real-time gross settlements (RTGS). However, there are no cost-effective ways of making inter-bank payments. In order for this to work the banking industry has to improve the way they share their payments system infrastructure.
Genesis Analytics, together with FSD Kenya, will develop a strategy that will assist the banks in realising the potential benefits of the person-to-person solution.