CLIMATE CAPITAL
CBK Migrates Kenya’s Payment System to ISO 20022 Standard
Kenya becomes the first East African country to adopt ISO 20022 in its primary payment system, setting a benchmark for regional financial innovation and solidifying its role as a financial technology leader in East Africa.
: The Central Bank of Kenya updates KEPSS to ISO 20022, boosting faster transactions, fraud monitoring, and improved cross-border payments.
On October 14, 2024, the Central Bank of Kenya (CBK) made a significant leap in modernising Kenya’s financial systems by migrating the Kenya Electronic Payment and Settlement System (KEPSS) to the ISO 20022 standard.
The Role of ISO 20022 in Financial Messaging
ISO 20022 provides a universal messaging language, using XML to create a framework for various financial services. First introduced for financial institutions in 2004, this standard facilitates communication between different financial systems worldwide.
KEPSS: Kenya’s Financial Backbone
As the primary real-time gross settlement (RTGS) system, KEPSS handles Kenya’s large-value and time-sensitive payments, processing roughly $305 billion up to August 2024.
Known as the “backbone” of Kenya’s domestic and regional payment transactions, KEPSS now operates with enhanced speed and fraud monitoring capabilities, thanks to ISO 20022.
Benefits of the Migration to Kenya’s National Payments Strategy
The ISO 20022 migration is a “key component” of Kenya’s National Payments Strategy.
The CBK previously upgraded the Cheque Clearing House to this standard, and the recent KEPSS migration further advances Kenya’s payment systems, promoting financial inclusion and enabling cross-border interoperability.
Kenya’s Pioneering Move in East Africa
With this migration, Kenya is the first in East Africa to adopt ISO 20022 in its primary payment system.
By leading in this regional upgrade, the CBK sets a model for other East African countries, enhancing Kenya’s reputation as a regional hub for financial innovation.
Supporting Financial Growth and Global Integration
CBK’s implementation of ISO 20022 is crucial for Kenya’s financial goals, boosting investor appeal and reinforcing Kenya’s competitive position in a globalized economy.
This modern infrastructure also aligns Kenya with international standards, bolstering its role in East Africa’s economic development.
Celebrities & Sports
Bien Aime Baraza: Kenya’s Top Spotify Artist of 2024
Bien’s music blends heartfelt lyrics with vibrant African rhythms, creating a powerful emotional connection with listeners. His hit single Inauma deeply resonated with fans, addressing themes of heartbreak and resilience, while showcasing his ability to craft compelling, introspective narratives. This track, like much of his work, blends raw emotion with the energy of African musical traditions, making it a standout in his catalog.
: Bien Aime Baraza, top Spotify artist in Kenya 2024, stands out with his soulful R&B sound and solo career success. Discover his journey and music evolution.
Bien-Aimé Baraza, widely known as Bien, has redefined the Kenyan music landscape with his soulful sound and captivating storytelling.
Crowned Spotify’s top artist in Kenya for 2024, his music spans genres, blending Afropop, R&B, and Afro-soul, making him a standout both locally and internationally.
EARLY CAREER AND RISE TO STARDOM
Bien’s music journey began at Upper Hill High School, where he formed Sauti Sol in 2006 with Savara Mudigi, Polycarp Otieno, and Willis Chimano.
The group initially sang a cappella before evolving into a multi-award-winning band. Reflecting on those formative years, Bien said, “We started as a bunch of boys who just loved to sing. We had no idea it would grow into this phenomenon”.
His passion for music was further nurtured during his studies at the United States International University, where he pursued Journalism and Media Studies.
His storytelling abilities became central to his lyrical style, characterised by emotive narratives and catchy melodies.
BREAKING AWAY FROM SAUTI SOL
In 2021, Bien began exploring solo projects while remaining part of Sauti Sol. In 2023, the band announced a “temporary separation,” explaining that they wanted to pursue individual growth.
Bien remarked, “This isn’t the end of Sauti Sol; it’s an opportunity to rediscover ourselves and bring something fresh to the table.” This independence allowed Bien to delve deeper into personal projects, which included collaborations like Bald Men Love Better with Aaron Rimbui.
MUSICAL STYLE AND LATEST PROJECTS
Bien’s music combines a mix of poignant lyrics and vibrant African rhythms. His hit single Inauma resonated deeply with fans, tackling heartbreak and resilience.
In 2024, his COLORSxSTUDIOS performance of True Love further showcased his ability to bring raw emotion and soul to his music. Speaking about his craft, he said, “Music is therapy for me; it’s how I make sense of the world and connect with my fans”
WHAT SETS BEIN APART
What makes Bien unique is his authenticity and ability to address universal themes while rooted in African culture. Unlike many local artists, Bien often experiments with sound and visuals, as seen in his COLORSxSTUDIOS performance.
His willingness to collaborate with international platforms and artists highlights his global vision for Kenyan music.
LEGACY AND IMPACT
Bien continues to inspire, proving that Kenyan artists can excel on the world stage. As Monica Kemoli-Savanne from Spotify noted, “Bien’s success is a testament to the power of African talent and storytelling”.
Whether with Sauti Sol or as a solo artist, Bien remains a force in music, bridging cultures and redefining the African sound for global audiences
Startups & Funding
Top 10 Richest East Africans Under 30: Industries & Net Worth
: Discover the top 10 wealthiest East Africans under 30, their industries,
achievements, and estimated net worths. Learn about their remarkable journeys
to success.”
Kenneth M. Njeru (25, Kenya)
- Engagement: Founder of Africa Afya Healthcare, focusing on healthcare investment services and IT solutions for healthcare access improvement.
- Industry: Healthtech and healthcare investment.
- Net Worth: Not publicly disclosed but prominent in healthcare financing in Kenya
Ayushi Chandaria (26, Kenya)
- Engagement: Founder of Design Thinking Program, fostering innovation in education.
- Industry: Education and innovation.
- Net Worth: Not publicly disclosed but recognized for her impactful work in Kenya
Alex Mativo (29, Kenya)
- Engagement: Co-founder of E-LAB, Nanasi, and Duck, leveraging technology in multiple sectors.
- Industry: Technology and entrepreneurship.
- Net Worth: Estimated at several million USD due to diversified ventures
- .
Prisca Wegesa Magori (29, Tanzania)
- Engagement: CEO and Co-founder of TenTen Explore and Smart EFD, providing innovative software solutions.
- Industry: Technology and software development.
- Net Worth: Undisclosed but influential in Tanzania’s tech scene
Andrew Ddembe (28, Uganda)
- Engagement: Co-founder and CEO of MobiKlinic, providing mobile-based healthcare solutions.
- Industry: Healthtech.
- Net Worth: Not disclosed but a key figure in Uganda’s health innovation
Arooj Sheikh (28, Kenya)
- Engagement: Founder and CEO of Beyond Kenyan Bars, working on social justice initiatives.
- Industry: Social entrepreneurship.
- Net Worth: Undisclosed, focusing on impactful social change
- .
Hildah Magaia (29, Tanzania/South Africa)
- Engagement: Professional footballer for Mazatlán FC and Tanzania’s national team.
- Industry: Sports.
- Net Worth: Significant from sports and endorsements
Chad Jones (28, Kenya/South Africa)
- Engagement: Social media influencer and brand ambassador.
- Industry: Digital media and marketing.
- Net Worth: Not disclosed but has significant brand partnerships
These individuals have demonstrated remarkable entrepreneurship and talent across East Africa, contributing to industries like health, technology, education, sports, and tourism.
CLIMATE CAPITAL
Access Bank Secures CAK Approval for National Bank Acquisition
: Access Bank to acquire National Bank of Kenya for $100M, boosting market
share to 1.9% with CAK approval and workforce retention conditions.
CAK Approves Access Bank’s Acquisition of NBK with Conditions
The Competition Authority of Kenya (CAK) approved Access Bank’s acquisition of the
National Bank of Kenya (NBK) from KCB Group, requiring Access Bank to retain 80% of
NBK’s workforce for at least one year.
The Central Bank of Kenya (CBK) must now give its final approval for the deal.
Employment Retention Key to Approval
According to CAK, Access Bank must maintain 80% of NBK’s 1,384 employees and all
316 staff from its local subsidiary, Access Bank Kenya, for a year following the
transaction’s completion. “The transaction has been approved on condition that Access
Bank Plc retains, for one year, at least 80% of the target’s current workforce,” CAK
stated.
Deal Valuation and Finalization Timeline
While the deal’s value has not been disclosed, KCB Group announced in March 2024
that NBK would be sold for 1.25 times its book value. With NBK’s 2023 book value at
$79.77 million, the acquisition is estimated to be worth approximately $100 million. The
transaction is expected to conclude in November.
Expanding Access Bank’s Kenyan Presence
Access Bank’s current footprint in Kenya includes 23 branches in 12 counties. Acquiring
NBK’s 77 branches across 28 counties will significantly boost its presence and service
offerings, including retail, corporate, and Islamic banking. Access Bank, currently
ranked as a tier 3 lender, will integrate with NBK, a tier 2 institution, enhancing its status
in the market.
Market Share and Competition Analysis
The acquisition will give the merged entity a 1.9% market share in Kenya’s banking
sector. “The combined market size is unlikely to raise competition concerns since it is
low,” CAK noted. “The merged entity will face competition from other banks in the
market. Based on this, the transaction is unlikely to substantially lessen or prevent
competition.”
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