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Kenyan banks expand traders, investors global payment options
Instead of the corresponding banks under the SWIFT Banking system, cross-border payments under Papss will be settled by the African Export-Import (Afrexim) Bank, which will ensure transparency of the transaction and instant payment.
Top banks in Kenya have adopted additional international payment systems, hoping to tap the rising inflow of cross-border trade and investment.
In the latest development, Stanbic Bank Kenya’s parent company Standard Bank revealed that it would join China's global interbank payment system (CIPS) by the end of 2025—joining other top banks such as KCB Group and Equity which recently expanded their international payment options for traders and investors amid rising global transactions.
