The above developments notwithstanding, Central Bank recognizes the fact that a sound legal framework plays a crucial role in the proper functioning of payment and settlement systems and the financial sector as a whole.
To this end, a proposed National Payment Systems Bill, 2007 has been forwarded to the Attorney General’s office where it is undergoing final drafting to reinforce the existing general legal infrastructure that affects payment systems. The law will provide a legislative framework for governing the operations of national payment systems and payment instruments in Kenya when enacted.