Nigeria’s Interbank Settlement System (NIBSS) and its Kenyan partner, Ceva Limited, are pushing to secure a major contract for Kenya’s proposed Fast Payment System (FPS) and national digital ID programme. The two firms have intensified lobbying efforts, directly targeting President William Ruto to gain support for their bid. Ceva has formally requested a meeting with Ruto to introduce NIBSS as a strategic partner for the project, highlighting its expertise in financial infrastructure.
The proposed meeting, expected to take place in March 2025, will include NIBSS CEO Premier Oiwoh, Head of Partnerships Yvonne Ige, Ceva Managing Director Yatin Mehta, and David Kiprono, a key figure behind Kenya’s e-Citizen platform. NIBSS, owned by Nigeria’s central bank and commercial banks, is a critical player in Nigeria’s financial ecosystem, while Ceva, a multinational payments firm, claims to process $40 billion annually. They argue that their system, built “for Africa, by Africa,” would enhance economic independence, similar to India’s Rupay and China’s UnionPay.
However, their bid faces resistance from local financial stakeholders, including Safaricom and the Kenya Bankers Association (KBA). These groups argue that instead of creating a new FPS, the government should focus on upgrading the existing PesaLink platform, which already processes $8.5 billion annually. They warn that a new system could cost up to $200 million and take four years to implement, making an upgrade the more practical and cost-effective option.
The Central Bank of Kenya (CBK) has yet to make a final decision, but the ongoing contest underscores the high stakes involved in shaping Kenya’s digital payments landscape. If the NIBSS-backed proposal is approved, it could transform financial transactions by integrating banks, SACCOs, mobile money operators, and fintech firms. However, if Safaricom and KBA succeed in their lobbying, Kenya may opt for a phased enhancement of its existing system rather than a complete overhaul.