🐘 Kenya🇰🇪: Banks to begin tracking large transactions

🐘 Kenya🇰🇪: Banks to begin tracking large transactions


NCBA, Kenya's 4th largest commercial bank, informed its customers on August 7th about new measures focusing on transactions exceeding 1 million KES (7,751 USD).

🔠 Kenyan banks will need to implement PoP codes for Real-Time Gross Settlement (RTGS) transactions, enabling customers to move large sums of money instantly within the interbank system.

🔠 This directive could accelerate the local compliance with the ISO 20022 standard, which requires transparent processing of financial transactions. The regulator aims to combat terrorism and money laundering.

🔠 The Central Bank has not specified a deadline for meeting these requirements, but it is expected to be by the end of 2025.

🔠 Context: Kenya's payment and electronic settlement system (KEPSS) processed 1.98 million RTGS transactions worth 10.7 trillion Kenyan shillings (82.3 billion USD) in the first quarter of 2024, reflecting a 1.69% decrease in volume but a 6% increase in value compared to the previous quarter. Kenya's population is 52,428,290 people, and the GDP is 6,576 USD.

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