Vision and strategy for Kenya’s National Payment System
Genesis was engaged by the Financial Sector Deepening Trust (FSD) Kenya, on behalf of the Central Bank of Kenya (CBK), to perform a market analysis of the payments landscape in Kenya, and thereafter develop a 10-year vision and five-year strategy for the National Payment System (NPS). To this end the CBK sought to play a more intentional and proactive role to grow the use of electronic forms of payment.
As part of the market analysis, the Genesis team reviewed the implementation of the previous NPS strategy, and interrogated reasons for over and underachievement. Next the team developed detailed data-request templates that were issued to all payment service providers.
These served to source more detailed payments data than what was currently being reported to the CBK to develop an accurate view of how Kenyans transacted. Following the receipt of this information, the team cleaned and analysed the data and developed a detailed market analysis report.
Working closely with the CBK and FSD Kenya, the Genesis team incorporated the findings from the market analysis, stakeholder interviews, key informant interviews and focus-group discussions with end consumers to develop the NPS ten-year vision and five-year strategy.
The strategy set out key priorities and set responsibilities and timeframes for execution. The new vision and strategy were submitted to the CBK.
Read the strategy document here