This archive report was first published on 8 November 2019.
Published on November 8, 2019, the Kenya Bankers Association (KBA) has been working with its members to review best practices in identifying fraud, assessing its impact, and escalating information across the industry.
As part of its efforts to enhance cybersecurity measures, the KBA is constantly raising the bar to ensure all member banks remain protected, safeguarding clients' data and monies.
The association's Shared Value Report 2019 highlights the banking industry's approach to security, which involves leveraging technology to enhance the user experience of customers.
A survey conducted by the KBA revealed that 90% of 6,000 customers surveyed between September and November 2018 acknowledged industry efforts in IT.
One notable innovation in the banking industry is PesaLink, a digital payment platform that has moved over Sh 81 billion since its launch two years ago.
Enhancing Transactions for Banks ¶
The Automated Clearing House (ACH) upgrade, completed by the KBA in collaboration with the Central Bank of Kenya, has facilitated the inclusion of remitter details on all payment files, enabling banks to identify payees or remitters immediately and shortening turnaround times.
The upgrade has also made the processing of foreign currency cheques more seamless, reducing the turnaround time from seven workdays to T+2 or two days after the cheque is presented in the ACH.
As the financial system becomes more digitized, the KBA continues to update security systems to ward off sophisticated fraudsters.
