Ruto ropped in by Nigerian Investors in Fierce Battle for CBK’s Payment System

Kenya’s financial sector is heating up as Nigerian investors push to secure a high-stakes contract with the Central Bank of Kenya (CBK), dragging President William Ruto’s name into the battle. At the heart of the clash is the race to develop Kenya’s real-time payments system, a lucrative deal that has pitted Nigeria Inter-Bank Settlement System Plc (NIBSS) against local banks. NIBSS—owned by the Central Bank of Nigeria—has teamed up with Webmasters Kenya (the eCitizen owners) and Ceva, in a bid to build the national switch for Kenya. But the Kenya Bankers Association (KBA) is pushing back, advocating for an upgrade of PesaLink, a homegrown alternative they argue is faster, cheaper, and fully Kenyan-owned. With tensions escalating, the Nigerian-backed consortium is now seeking a direct audience with President Ruto to push CBK to award them the contract. Meanwhile, KBA is proposing a model where PesaLink would incorporate CBK, Kenyan banks, Safaricom, and other stakeholders, ensuring local control over the payments infrastructure. CBK, for its part, remains focused on establishing a seamless Fast Payment System (FPS) that enables inst.......