Kenya Moves to Open Up Banking Data as New Fintech Rules Take Shape
- The Central Bank of Kenya proposed new financial regulations to improve data sharing in the digital payments industry.
- The draft legislation introduces an open banking framework allowing fintech providers to access customer financial information securely.
- Payment service providers will be required to adopt interoperable technologies, including open APIs.
The proposed regulations by the Central Bank of Kenya represent a significant step towards modernizing the financial services landscape in the country. While the emphasis on competition and innovation is commendable, the challenges of compliance and infrastructure investment for existing and new players must be addressed to ensure a smooth transition.
