Over the past two years, the introduction of price controls on bank loans and deposits has dominated discourse with a groundswell of public interest on the matter. Recently, the National Treasury's 2018 Finance Bill has called for a repeal of the 'rate caps'.
Kenya is a stable and growing lower-middle-income country and the East African economic power.
To boost the country's economic growth and transformation, the government has embarked on the 'Big Four' agenda, which is anchored on four pillars: Sustainable food security, affordable housing, bolstering manufacturing and universal healthcare.
Payment systems have come a long way. From the cowry-based exchange that featured thousands of years ago, trade today is underpinned by intricate domestic, regional and international networks, which continue to evolve and adapt to emerging technologies. All these advancements have made trade faster, cheaper, safer and more transparent.
Kenya's payments system has also evolved over time and now operates within robust regulatory and monitoring frameworks, which include the Central Bank Prudential Guidelines, the National Payment System Act, and the Proceeds of Crime and Anti-Money Laundering Act.