Central Bank of Kenya Governor Dr Kamau Thugge. [File, Standard]
Commercial and microfinance banks across the country are racing to comply with new Central Bank of Kenya (CBK) regulations requiring enhanced monitoring of customer transactions with just seven days to go before the official deadline.
This is part of the migration to the globally sanctioned ISO 20022 standards.
These are new international standards for sending enhanced financial data for customer transactions and are intended to create a single common language for most payments globally.
Yesterday, however, experts cautioned a rushed implementation could disrupt the financial system and called for an orderly transition.
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