Nigeria’s Interbank Settlement System (NIBBS) and Kenya’s payment software provider Ceva Limited are collaborating to develop Kenya’s new Fast Payment System (FPS) and national digital ID program.
The primary goal of these two organizations is to convince President William Ruto. NIBBS is Nigeria’s payment infrastructure, owned and operated by the Central Bank of Nigeria (CBN) and licensed banks.
Kenya’s payment software provider Ceva has been actively operating since 2010. It claims to conduct $40 billion in transactions annually, operating in India, Nigeria, Kenya, and Brazil.
CEVA’S REQUEST AND THE PARTNERSHIP OPPORTUNITIES
In a letter seen by TechCabal, Ceva and NIBBS requested a meeting with President Ruto to discuss their involvement in establishing Kenya’s new payment infrastructure.
The letter from Ceva stated:
“We are formally requesting a meeting with you at your earliest convenience, on either 20th or 21st March 2025. The purpose of the meeting is to introduce Nigerian Interbank Settlement Systems (NIBBS).”
Ceva emphasized that NIBBS‘ strong infrastructure has been developed for Africa and argued that the AfriGo system could provide Africa with its own card processing system, boosting economic independence and efficiency.
“India did it with Rupay, China did it with UnionPay, UAE did it with Jaywan, Brazil did it with PIX.”
LOCAL MOBILE MONEY OPERATORS AND COMMERCIAL BANKS EXPECTED TO PUSH BACK
If successful, the deal could face resistance from local mobile money operators like Safaricom and commercial banks, who are pushing for the Central Bank of Kenya (CBK) to upgrade the Pesalink system.
These two companies argue that building a new FPS from scratch could cost $200 million and take up to four years to complete, while investing in Pesalink would be cheaper.
The CBK has yet to make a decision on the proposals from both parties.