CBK extends operating hours for high-value transactions by four hours, starting July 1
Companies and institutions handling high-value transactions will have a 12-hour daily window to process payments, up from the previous eight hours.
This follows an announcement by the Central Bank of Kenya (CBK) that it will extend the operating hours of the Kenya Electronic Payment and Settlement System (KEPSS), effective July 1, 2025.
The system is the country’s Real Time Gross Settlement (RTGS) platform operated by CBK to process large-value and time-critical payments both domestically and across borders.
Latest figures show that in the period between August 2023 and August 2024, KEPSS processed a total of over 5.3 million transactions, valued at over Sh45 trillion for local currency transactions.
The announcement stipulates that the new operating window will span from 7:00 am to 7:00 pm on all business days, four hours longer than the current schedule of 8:30 am to 4:30 pm.
According to the apex bank, the move is aimed at improving the efficiency, accessibility and resilience of Kenya’s payments ecosystem.
“By enabling earlier initiation and later completion of large-value and time-sensitive payments, this move will support the country’s transition towards a 24/7 digital economy,” CBK said in a statement.
It further notes that the extension will unlock significant advantages for businesses, financial institutions and government agencies.
“Businesses, government institutions and financial institutions will have greater flexibility to process payments, improve cash flow management and reduce end-of-day settlement risks.”
Beyond institutional advantages, CBK emphasises that the extended hours also advance broader financial inclusion goals.
By widening access to formal payment infrastructure, it says the move is expected to enable more individuals and businesses, especially those in time-sensitive sectors, to engage with the formal financial system, thereby promoting greater economic participation and empowerment.
Additionally, CBK notes that the move aligns with global trends in the modernisation of financial infrastructure.
As part of this broader effort, the bank announced in October last year the migration of the KEPSS system to the ISO 20022 global messaging standard, a move aimed at enhancing interoperability, efficiency and security in payment processing.
ISO 20022 is the latest international open standard for financial messaging that is being adopted globally.
The migration of KEPSS to the ISO 20022 standard was tied to several key benefits, including faster settlement times, more streamlined transaction processing and enhanced liquidity management for financial institutions.
This follows an announcement by the Central Bank of Kenya (CBK) that it will extend the operating hours of the Kenya Electronic Payment and Settlement System (KEPSS), effective July 1, 2025.
The system is the country’s Real Time Gross Settlement (RTGS) platform operated by CBK to process large-value and time-critical payments both domestically and across borders.
Latest figures show that in the period between August 2023 and August 2024, KEPSS processed a total of over 5.3 million transactions, valued at over Sh45 trillion for local currency transactions.
The announcement stipulates that the new operating window will span from 7:00 am to 7:00 pm on all business days, four hours longer than the current schedule of 8:30 am to 4:30 pm.
According to the apex bank, the move is aimed at improving the efficiency, accessibility and resilience of Kenya’s payments ecosystem.
“By enabling earlier initiation and later completion of large-value and time-sensitive payments, this move will support the country’s transition towards a 24/7 digital economy,” CBK said in a statement.
It further notes that the extension will unlock significant advantages for businesses, financial institutions and government agencies.
“Businesses, government institutions and financial institutions will have greater flexibility to process payments, improve cash flow management and reduce end-of-day settlement risks.”
Beyond institutional advantages, CBK emphasises that the extended hours also advance broader financial inclusion goals.
By widening access to formal payment infrastructure, it says the move is expected to enable more individuals and businesses, especially those in time-sensitive sectors, to engage with the formal financial system, thereby promoting greater economic participation and empowerment.
Additionally, CBK notes that the move aligns with global trends in the modernisation of financial infrastructure.
As part of this broader effort, the bank announced in October last year the migration of the KEPSS system to the ISO 20022 global messaging standard, a move aimed at enhancing interoperability, efficiency and security in payment processing.
ISO 20022 is the latest international open standard for financial messaging that is being adopted globally.
The migration of KEPSS to the ISO 20022 standard was tied to several key benefits, including faster settlement times, more streamlined transaction processing and enhanced liquidity management for financial institutions.
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