This archive report was first published on 16 July 2019.
On July 15, 2019, the Central Bank of Kenya (CBK) and the Monetary Authority of Singapore (MAS) signed a memorandum of understanding to develop a centralized database for clients of financial institutions.
The proposed platform, which will store and access customer information from a single electronic platform, aims to reduce the need for manual data on customers and physical documents when opening an account or conducting a transaction.
CBK Governor Patrick Njoroge stated that the platform will provide an efficient mechanism for Know Your Customer (KYC) requirements, reducing costs and increasing efficiency.
The platform will be used by financial institutions, mobile money providers, and other regulated firms to identify and verify customer information before opening accounts and completing transactions.
Kenya Bankers Association (KBA) noted that the e-KYC system will help banks cut costs and time spent on individually verifying client identities.
By implementing this centralized database, the CBK aims to curb financial crimes and money laundering, enhancing the overall security and efficiency of the financial sector.
