An analysis by the Canadian Payments Association (CPA) revealed that international payment needs are not currently being met.10 Compared with domestic payments, cross-border payments involve higher transaction costs and longer processing times associated with converting from one national payment system to another. To achieve these four important characteristics, our core national payment clearing and settlement systems should be upgraded.
The credit information sharing mechanism is now fully operational and as a result we expect to subsequently see a reduction in costs as banks pass the resultant benefits to their customers. 11. As a Researcher, I would like at some point in future when doing my economic analyses on the Kenyan economy, to find a very significant “Obama Effect” on Kenya’s growth and development.